EX-12.1 11 dex121.txt STATEMENT RE COMPUTATION OF EARNINGS EXHIBIT 12.1 THE PANTRY, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollars in thousands)
Sep. 25, Sep. 24, Sep. 30, Sep. 28, Sep. 27, 1997 1998 1999 2000 2001 -------- -------- -------- -------- -------- 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) ======= ======= ======= ======= ========
-------- (1) One-third of rental expense related to operating leases representing an appropriate interest factor.