EX-12.0 3 ex12.htm COMPUTATION OF RATIO OF EARNINGS (LOSS) TO FIXED CHARGES EX 12


Exhibit 12
BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
2014 ANNUAL REPORT ON FORM 10-K
COMPUTATION OF RATIO OF EARNINGS (LOSSES) TO FIXED CHARGES
(in thousands)

 
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended
 
June 29, 2014

 
June 30, 2013

 
July 1, 2012

 
July 3, 2011

 
June 27, 2010

Earnings (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (Loss) before income taxes
$
37,134

 
$
(54,164
)
 
$
29,873

 
$
32,054

 
$
49,073

Less: Equity income from equity investees
(6,264
)
 
(4,244
)
 
(5,100
)
 
(5,082
)
 
(4,071
)
Add: Fixed Charges
20,911

 
21,139

 
21,317

 
25,942

 
29,520

Add: Distributed income of equity investees
4,070

 
4,636

 
4,029

 
6,980

 
4,005

Earnings (Loss) as defined
$
55,851

 
$
(32,633
)
 
$
50,119

 
$
59,894

 
$
78,527

 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
18,466

 
$
18,519

 
$
18,542

 
$
23,014

 
$
25,573

Amortization of discounts related to indebtedness
—

 
—

 
—

 
304

 
896

Interest expense as reported
18,466

 
18,519

 
18,542

 
23,318

 
26,469

 
 
 
 
 
 
 
 
 
 
Amortization of debt issuance costs
988

 
1,007

 
1,209

 
934

 
1,250

Portion of rent expense relating to interest
1,457

 
1,613

 
1,566

 
1,690

 
1,801

Fixed charges as defined
$
20,911

 
$
21,139

 
$
21,317

 
$
25,942

 
$
29,520

 
 
 
 
 
 
 
 
 
 
Ratio of earnings (loss) to fixed charges
2.7x

 
—

 
2.4x

 
2.3x

 
2.7x

 
 
 
 
 
 
 
 
 
 
Coverage deficiency
$
—

 
$
53,772

 
$
—

 
$
—

 
$
—