EX-12.1 9 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
 
December 30, 2007
December 28, 2008
January 3, 2010
January 2, 2011
January 1, 2012
Earnings:
 
 
 
 
 
Income from continuing operations before income tax
$
6,755

$
15,853

$
17,004

$
2,617

$
(2,185
)
Add fixed charges:
 
 
 
 
 
Interest expense, including amortization of deferred financing costs
14,898

12,125

8,907

8,957

7,353

Portion of rents representative of interest factor
7,928

8,102

7,994

7,723

7,555

Total earnings
$
29,581

$
36,080

$
33,905

$
19,297

$
12,723

Fixed charges:
 
 
 
 
 
Interest expense, including amortization of deferred financing costs
$
14,898

$
12,125

$
8,907

$
8,957

$
7,353

Portion of rents representative of interest factor
7,928

8,102

7,994

7,723

7,555

 
$
22,826

$
20,227

$
16,901

$
16,680

$
14,908

Ratio of earnings to fixed charges (1)
1.30x

1.78x

2.01x

1.16x



(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 year ended January 1, 2012 by $2,185.