EX-12.1 3 d548715dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

TOPS HOLDING II CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our ratio of consolidated earnings to consolidated fixed charges for Fiscal 2008, Fiscal 2009, Fiscal 2010, Fiscal 2011, Fiscal 2012 and for the 28-week periods ended July 14, 2012 and July 13, 2013 (dollars in thousands, except ratio data).

 

     Fiscal
2008

(52 weeks)
    Fiscal
2009

(53 weeks)
    Fiscal 2010
(52 weeks) (1)
    Fiscal 2011
(52 weeks) (1)
     Fiscal 2012
(52 weeks) (1)
    28-week periods ended  
                July 14, 2012 (1)      July 13, 2013 (1)  

Earnings:

                

Pre-tax (loss) income

   $ (17,160   $ (20,308   $ (35,958   $ 7,127       $ (21,542   $ 10,871       $ (8,712

Plus:

                

Fixed charges

     48,285        50,838        69,393        69,792         67,602        36,265         40,852   

Amortization of capitalized interest

     175        269        269        189         189        102         102   

Less:

                

Interest capitalized

     507        —          —          —           —          —           —     
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total available earnings

   $ 30,793      $ 30,799      $ 33,704      $ 77,108       $ 46,249      $ 47,238       $ 32,242   

Fixed charges:

                

Interest expensed

   $ 40,503      $ 42,970      $ 58,316      $ 58,326       $ 55,209      $ 30,015       $ 34,082   

Interest capitalized

     507        —          —          —           —          —           —     

Amortization of discounts/ capitalized costs

     1,401        1,466        2,728        3,150         3,417        1,856         1,469   

Interest in rental expenses

     5,874        6,402        8,349        8,316         8,976        4,394         5,301   
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total fixed charges:

   $ 48,285      $ 50,838      $ 69,393      $ 69,792       $ 67,602      $ 36,265       $ 40,852   

Deficiency

   $ (17,492   $ (20,039   $ (35,689      $ (21,353      $ (8,610

Ratio of earnings to fixed charges

     (A)        (B)        (C)        1.10         (D)        1.30         (E)   
        

 

 

      

 

 

    

 

(A) Due to the Company’s loss in Fiscal 2008, the ratio coverage was less than 1:1. The Company must generate additional earnings of $17,492 to achieve a coverage ratio of 1:1.

 

(B) Due to the Company’s loss in Fiscal 2009, the ration coverage was less than 1:1. The Company must generate additional earnings of $20,039 to achieve a coverage ratio of 1:1.

 

(C) Due to the Company’s loss in Fiscal 2010, the ratio coverage was less than 1:1. The Company must generate additional earnings of $35,689 to achieve a coverage ratio of 1:1.

 

(D) Due to the Company’s loss in Fiscal 2012, the ratio coverage was less than 1:1. The Company must generate additional earnings of $21,353 to achieve a coverage ratio of 1:1.

 

(E) Due to the Company’s loss during the 28-week period ended July 13, 2013, the ratio coverage was less than 1:1. The Company must generate additional earnings of $8,610 to achieve a coverage ratio of 1:1.

 

(1) Fiscal 2010, Fiscal 2011, Fiscal 2012 and the 28-week periods ended July 14, 2012 and July 13, 2013 include the operating results of the acquired Penn Traffic supermarkets following the January 29, 2010 Acquisition.