EX-12.1 3 d852911dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

Our consolidated ratios of earnings to fixed charges for each of the periods indicated are as follows:

 

     Year Ended
December 27,
2014		     Year Ended
December 28,
2013		     Year Ended
December 29,
2012		     Year Ended
December 31,
2011		     Year Ended
January 1,
2011		  
     (in millions)  

Earnings(1)

           

Income (loss) from continuing operations before income taxes

    $ (36.9 )    $ (27.4 )    $ (8.7 )    $ (144.2 )    $ 2.6   

Interest capitalized during the period

      2.1        (1.9 )      (1.5 )      (3.2 )      (2.1 ) 

Total fixed charges

      301.7        322.8        330.1        328.7        362.5   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted earnings

 $ 266.9    $ 293.5    $ 319.9    $ 181.3    $ 363.0   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges

Interest expense

 $ 289.2    $ 306.1    $ 311.8    $ 307.6    $ 341.7   

Interest capitalized during the period

   (2.1 )    1.9      1.5      3.2      2.1   

Interest portion of rent expense

   14.6      14.8      16.8      17.9      18.7   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

 $ 301.7    $ 322.8    $ 330.1    $ 328.7    $ 362.5   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

   N/A      N/A      N/A      N/A      1.0   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Coverage deficiency

 $ 34.8    $ 29.3    $ 10.2    $ 147.4      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Rent expense, net of sublease income

 $ 43.9    $ 44.3    $ 50.4    $ 53.7    $ 56.1   

Interest factor

   33 %    33 %    33 %    33 %    33 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Interest in rent expense

 $ 14.6    $ 14.8    $ 16.8    $ 17.9    $ 18.7   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) In computing the ratio of earnings to fixed charges: (a) earnings consist of income (loss) before income taxes and fixed charges (exclusive of interest capitalized) and (b) fixed charges consist of interest expense (including amounts capitalized)and the estimated interest portion of rents.