EX-12.1 6 exhibit121q410012016.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

MTS Systems Corporation
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)

 
 
Fiscal Year Ended
 
 
September 29,
2012
 
September 28,
2013
 
September 27,
2014
 
October 3,
2015
 
October 1,
2016
Ratio of Earnings to Fixed Charges (1)
 
31.50

 
33.38

 
21.16

 
19.89

 
3.97

 
 
 
 
 
 
 
 
 
 
 
Reconciliation
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before
taxes
 
$
79,780

 
$
79,254

 
$
58,443

 
$
59,172

 
$
33,512

Fixed charges
 
2,616

 
2,448

 
2,899

 
3,133

 
11,277

Earnings for computation
 
$
82,396

 
$
81,702

 
$
61,342

 
$
62,305

 
$
44,789

 
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
 
 
 
 
 
 
 
 
 
Interest on indebtedness and amortization
of debt discount
 
849

 
591

 
1,003

 
1,204

 
8,926

Interest expense on rental expense (1/3 rent)
 
1,767

 
1,857

 
1,896

 
1,929

 
2,351

Total fixed charges
 
$
2,616

 
$
2,448

 
$
2,899

 
$
3,133

 
$
11,277

Lease expense
 
5,300

 
5,570

 
5,687

 
5,787

 
7,053

Interest income
 
(544
)
 
(257
)
 
(311
)
 
(409
)
 
(437
)
Interest expense
 
849

 
591

 
1,003

 
1,204

 
8,926

Net interest
 
$
305

 
$
334

 
$
692

 
$
795

 
$
8,489


(1) For the purposes of calculating the ratio of earnings to fixed charges, “earnings” consist of income (loss) from continuing operations before income taxes, fixed charges and amortization of capitalized interest, but excludes equity method investment earnings and capitalized interest. “Fixed charges” consist of (i) interest on indebtedness, whether expensed or capitalized, (ii) that portion of rental expense which we believe to be representative of interest (one-third of rental expense) and (iii) amortization of debt discount and expense.