EX-12 26 a2204345zex-12.htm EX-12

Exhibit 12

 

ClubCorp Club Operations, Inc.

Computation of Ratio of Earnings to Fixed Charges

Five Years Ended December 28, 2010

 

 

 

Twelve Weeks Ended

 

Fiscal Years Ended

 

 

 

March 22,
2011

 

March 23,
2010

 

December 28,
2010

 

December 29,
2009

 

December 30,
2008

 

December 25,
2007

 

December 26,
2006

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income before income taxes

 

$

(16,935

)

$

(12,427

)

$

318,711

 

$

(20,180

)

$

(59,666

)

$

(75,337

)

$

(64,475

)

Equity in earnings from unconsolidated ventures

 

(259

)

(89

)

(1,309

)

(706

)

(1,514

)

(851

)

(2,383

)

(Loss) income from continuing operations before taxes, noncontrolling interests and equity in earnings from unconsolidated ventures

 

(17,194

)

(12,516

)

317,402

 

(20,886

)

(61,180

)

(76,188

)

(66,858

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges (per below)

 

21,825

 

14,404

 

64,418

 

66,132

 

102,928

 

115,037

 

40,326

 

Amortization of capitalized interest

 

35

 

34

 

149

 

146

 

133

 

89

 

29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

(148

)

(38

)

(115

)

(69

)

(966

)

(2,382

)

(2,239

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings

 

$

4,814

 

$

1,960

 

$

382,083

 

$

45,461

 

$

42,847

 

$

41,320

 

$

(24,265

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

19,982

 

$

12,587

 

$

57,165

 

$

58,383

 

$

94,583

 

$

105,408

 

$

31,166

 

Interest capitalized

 

148

 

38

 

115

 

69

 

966

 

2,382

 

2,239

 

Estimate of interest within rental expense(a)

 

1,695

 

1,780

 

7,138

 

7,680

 

7,379

 

7,247

 

6,921

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

21,825

 

$

14,404

 

$

64,418

 

$

66,132

 

$

102,928

 

$

115,037

 

$

40,326

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges(b)

 

—

 

—

 

5.93x

 

—

 

—

 

—

 

—

 

 

(a)          Fixed charges include the estimated interest component of rent expense (one-third of rent under operating leases) included in income from continuing operations.

 

(b)         For the fiscal years ended December 26, 2006, December 25, 2007, December 30, 2008 and December 29, 2009, and for the twelve weeks ended March 23, 2010 and March 22, 2011, earnings were insufficient to cover fixed charges by approximately $64.6 million, $73.7 million, $60.1 million, $20.7 million, $12.4 million and $17.0 million, respectively.