EX-12.1 3 dex121.htm COMPUTATION OF RATIOS Computation of Ratios

 

EXHIBIT 12-1

 

CKE RESTAURANTS, INC. AND SUBSIDIARIES

 

Computation of Ratio of Earnings to Fixed Charges

 

      

Fiscal Year Ended January 31,

      

(Dollars in thousands)

     

 

2003

     

 

2002

 

     

 

2001

 

     

 

2000

 

     

 

1999

      

Earnings before fixed charge:

                                                   

Income (loss) before taxes and extraordinary items

     

$

18,390

     

$

(84,540

)

     

$

(205,264

)

     

$

(47,460

)

     

$

124,097

Fixed Charges

     

 

70,575

     

 

85,097

 

     

 

103,719

 

     

 

92,389

 

     

 

68,843

      
      

$

88,965

     

$

557

 

     

$

(101,545

)

     

$

44,929

 

     

$

192,940

      

Fixed Charges:

                                                   

Interest expense

     

$

42,726

     

$

57,659

 

     

$

70,541

 

     

$

63,283

 

     

$

43,453

Interest component of rent expensed (1)

     

 

27,849

     

 

27,438

 

     

 

33,178

 

     

 

29,106

 

     

 

25,390

      
      

$

70,575

     

$

85,097

 

     

$

103,719

 

     

$

92,389

 

     

$

68,843

      

Ratio of earnings to fixed charges (2)

     

 

1.3

     

 

—

 

     

 

—

 

     

 

—

 

     

 

2.8

      

 

(1)   Calculated as one-third of total rent expense.

 

(2)   Earnings were insufficient to cover fixed charges for the years ended January 31, 2002, 2001 and 2000 by $84,540, $205,264 and $47,460, respectively.