<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>11
<FILENAME>dex121.txt
<DESCRIPTION>STATEMENT RE COMPUTATION OF EARNINGS
<TEXT>
<PAGE>
EXHIBIT 12.1
THE PANTRY, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
<TABLE>
<CAPTION>
Sep. 25, Sep. 24, Sep. 30, Sep. 28, Sep. 27,
1997 1998 1999 2000 2001
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Pretax (loss) income.......... $ (975) $ 4,673 $24,750 $24,772 $(1,785)
Fixed charges:
Interest expense.............. 13,039 28,946 41,280 52,329 58,731
Amortization of deferred
financing costs.............. 1,461 2,071 1,894 2,055 2,096
Preferred stock dividends..... 5,304 2,003 3,657 -- --
Rental expense (1)............ 2,901 7,919 13,517 16,952 19,973
------- ------- ------- ------- --------
Total fixed charges........... $22,705 $40,939 $60,348 $71,336 $ 80,800
------- ------- ------- ------- --------
Preferred stock dividends..... (5,304) (2,003) (3,657) -- --
------- ------- ------- ------- --------
Earnings...................... $16,426 $43,609 $81,441 $96,108 $ 79,015
------- ------- ------- ------- --------
Ratio (shortfall) of earnings
to fixed charges............. $(6,279) 1.07 1.35 1.35 $ (1,785)
======= ======= ======= ======= ========
</TABLE>
--------
(1) One-third of rental expense related to operating leases representing an
appropriate interest factor.
</TEXT>
</DOCUMENT>