EX-12.1 3 w78686a1exv12w1.htm EXHIBIT 12.1 exv12w1
Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
     The following table sets forth the ratios of earnings to fixed charges for the periods presented (in thousands, except ratio):
                                                 
    Thirteen
Weeks Ended		     Fiscal years ended  
    May 1,     January 30,     January 31,     February 2,     February 3,     January 28,  
    2010     2010     2009     2008     2007     2006  
 
                                                
EARNINGS:
                                                
Pre-tax (loss) income from continuing operations
   $ (22,925 )   $ (12,086 )   $ (106,837 )   $ 17,507     $ 66,524     $ 38,143  
Fixed charges
     36,279       129,901       128,864       138,424       134,983       27,965  
Amortization of capitalized interest
     62       217       163       144       145       140  
Capitalized interest
     (65 )     (196 )     (410 )     (257 )     (71 )     (88 )
 
                                    
Total Earnings
   $ 13,351     $ 117,836     $ 21,780     $ 155,818     $ 201,581     $ 66,160  
 
                                    
 
                                                
FIXED CHARGES:
                                                
Interest costs (1)
   $ 26,281     $ 93,412     $ 94,031     $ 104,235     $ 101,170     $ 10,562  
Amortization of debt expense and discount on indebtedness
     2,297       5,592       4,226       4,187       6,044       1,578  
Estimate of interest component of rental expense (2)
     7,701       30,897       30,607       30,002       27,769       15,825  
 
                                    
Total Fixed Charges
   $ 36,279     $ 129,901     $ 128,864     $ 138,424     $ 134,983     $ 27,965  
 
                                    
 
                                                
RATIO OF EARNINGS TO FIXED CHARGES (3)
     0.37x       0.91x       0.17x       1.13x       1.49x       2.37x  
 
                                    
 
(1)   Interest costs represent interest expensed and capitalized.
 
(2)   One-third of rental expense was determined to be a reasonable approximation of the estimate of interest component of rental expense.
 
(3)   In order to achieve a ratio of 1.00, additional income before taxes of $22,928 would be required for the thirteen weeks ended May 1, 2010, and $12,065 and $107,084 would be required for fiscal years ended January 30, 2010 and January 31, 2009, respectively.
     For the periods presented above, there were no outstanding shares of preferred stock. Therefore, the ratios of earnings to combined fixed charges and preferred stock dividends are identical to the ratios presented above for all such periods.