EX-12 5 d08826exv12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES . . . EXHIBIT 12 RATIO OF EARNINGS TO FIXED CHARGES (dollars in thousands, except ratios)
Fiscal Years Actual Pro Forma * 13 Weeks 13 Weeks Ended Ended 1999 2000 2001 2002 2003 May 4, 2003 2003 May 4, 2003 ---- ---- ---- ---- ---- ----------- ---- ----------- Income before provision for income taxes and cumulative effect of a change in an accounting principle $21,547 $15,616 $19,254 $11,877 $ 8,103 $ 4,619 $ 6,945 $ 4,598 Fixed charges: Interest expenses ** 395 3,675 8,766 7,862 7,830 2,204 8,989 2,226 Capitalized interest 1,375 1,623 1,555 892 361 26 361 26 Estimate of interest included in rental expense *** 2,741 3,702 4,636 6,461 8,034 1,906 8,034 1,906 ------- ------- ------- ------- ------- ------- ------- ------- Total fixed charges $ 4,511 $ 9,000 $14,957 $15,215 $16,225 $ 4,136 $17,384 $ 4,158 Income before provision for income taxes and cumulative effect of a change in an accounting principle, less capitalized interest $24,683 $22,993 $32,656 $26,200 $23,967 $ 8,729 $23,968 $ 8,730 ======= ======= ======= ======= ======= ======= ======= ======= Ratio of earnings to fixed charges: 5.47 2.55 2.18 1.72 1.48 2.11 1.38 2.10
* Pro forma to reflect the use of a portion of the proceeds to pay down our senior indebtedness as if such pay down had occurred as of February 4, 2002 and May 5, 2003, respectively. ** Interest expense includes interest in association with debt and amortization of debt issuance costs. The pro forma ratio of earnings to fixed charges gives effect to the issuance of the notes and the use of the net proceeds from the issuance to reduce our senior indebtedness. *** Fixed charges include our estimate of interest included in rental payments made under operating leases.