EX-12.1 3 exhibit121ratioofearningst.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1 Ratio of Earnings to Fixed Charges


Exhibit 12.1

Carrols Restaurant Group, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
 
Year Ended
 
January 2, 2011
January 1, 2012
December 30, 2012
December 29, 2013
December 28, 2014
Earnings:
 
 
 
 
 
Income from continuing operations before income tax
$
2,617

$
(2,185
)
$
(28,909
)
$
(23,916
)
$
(26,352
)
Add fixed charges:
 
 
 
 
 
Interest expense, including amortization of deferred financing costs
8,957

7,353

12,764

18,841

18,801

Portion of rents representative of interest factor
7,723

7,555

12,628

15,733

16,288

Total earnings
$
19,297

$
12,723

$
(3,517
)
$
10,658

$
8,737

Fixed charges:
 
 
 
 
 
Interest expense, including amortization of deferred financing costs
$
8,957

$
7,353

$
12,764

$
18,841

$
18,801

Portion of rents representative of interest factor
7,723

7,555

12,628

15,733

16,288

 
$
16,680

$
14,908

$
25,392

$
34,574

$
35,089

Ratio of earnings to fixed charges (1)
1.16x

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(1)
For purposes of determining the ratio of earnings to fixed charges, earnings are defined as earnings from continuing operations before income taxes plus fixed charges. Fixed charges consist of interest expense on all indebtedness, amortization of deferred financing costs and one-third of rental expense on operating leases, representing that portion of rental expense that we deemed to be attributable to interest. Our earnings were insufficient to cover our fixed charges for the years ended January 1, 2012, December 30, 2012, December 29, 2013 and December 28, 2014 by $2,185, $28,909, $23,916, and $26,352, respectively.