EX-12 2 g86000a1exv12.txt EX-12 STATEMENT REGARDING COMPUTATION OF RATIOS . . . EXHIBIT 12 O'CHARLEY'S INC. CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ in thousands) 1999 2000 2001 2002 2003 ----------------------------------------------- ----- ------ ----- ----- ------ FIXED CHARGES Interest Expense 4,052 7,260 6,412 5,176 12,987 Capitalized Interest 230 392 438 290 311 Amortized premiums, discounts, and capitalized expenses related to indebtedness 122 138 198 380 1,166 Estimated interest in rental expense (See below) 1,958 2,293 2,674 2,799 7,158 Total fixed charges 6,362 10,083 9,722 8,645 21,622 CALCULATION OF ESTIMATED INTEREST IN RENTAL EXPENSE Rent expense 5,880 6,886 8,031 8,406 21,495 Interest component per norm 33.3% 33.3% 33.3% 33.3% 33.3% Implied interest in rent 1,958 2,293 2,674 2,799 7,158 CALCULATION OF EARNINGS Net earnings, before taxes and cumulative effect of change in accounting principle 24,783 29,785 26,899 41,059 31,369 Fixed charges 6,362 10,083 9,722 8,645 21,622 Less capitalized interest (230) (392) (438) (290) (311) Earnings 30,915 39,476 36,183 49,414 52,680 Ratio of earnings to fixed charges 4.86 3.92 3.72 5.72 2.44