EX-12 9 cch-20131231xex12.htm EXHIBIT 12 CCH-2013.12.31-EX12
Exhibit 12

CLUBCORP HOLDINGS, INC.
Computation of Ratios of Earnings to Fixed Charges
Four Years Ended December 31, 2013

 
Fiscal Years Ended
 
December 31, 2013
 
December 25, 2012
 
December 27, 2011
 
December 28, 2010
 
(dollars in thousands)
Earnings:
 
 
 
 
 
 
 
(Loss) income before income taxes
$
(38,987
)
 
$
(23,603
)
 
$
(51,785
)
 
$
318,483

Equity in earnings from unconsolidated ventures
(2,638
)
 
(1,947
)
 
(1,487
)
 
(1,309
)
(Loss) income from continuing operations before taxes, noncontrolling interests and equity in earnings from unconsolidated ventures
(41,625
)
 
(25,550
)
 
(53,272
)
 
317,174

 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
Total fixed charges (per below)
90,566

 
95,873

 
91,629

 
64,886

Amortization of capitalized interest
171

 
163

 
155

 
149

 
 
 
 
 
 
 
 
Less:
 
 
 
 
 
 
 
Interest capitalized
(303
)
 
(233
)
 
(365
)
 
(115
)
 
 
 
 
 
 
 
 
Total earnings
$
48,809

 
$
70,253

 
$
38,147

 
$
382,094

 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
Interest expense
$
83,669

 
$
89,369

 
$
84,746

 
$
57,707

Interest capitalized
303

 
233

 
365

 
115

Estimate of interest within rental expense (1)
6,594

 
6,271

 
6,518

 
7,064

 
 
 
 
 
 
 
 
Total fixed charges
$
90,566

 
$
95,873

 
$
91,629

 
$
64,886

 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (2)
—

 
—

 
—

 
5.89
x
 
 
 
 
 
 
 
 
_____________________________

(1)
Fixed charges include the estimated interest component of rent expense (one-third of rent under operating leases) included in income from continuing operations.

(2)
For the fiscal years ended December 31, 2013, December 25, 2012 and December 27, 2011 earnings were insufficient to cover fixed charges by approximately $41.8 million, $25.6 million and $53.5 million, respectively.