EX-12.1 4 d321043dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of ratio of earnings to fixed charges

EXHIBIT 12.1

CDW CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

 

     Predecessor     Successor  
     Period from
January 1,
2007 to		     Period from
October 12,
2007 to		     Year ended December 31,  
(dollars in millions)    October 11,
2007		     December 31,
2007		     2008     2009     2010     2011  

Computation of earnings:

               

Income (loss) before income taxes and adjustment for (income) loss from equity investees

    $ 286.4      $ (58.8 )    $ (1,777.2 )    $ (461.2 )    $ (37.1 )    $ 28.3   

Distributed income from equity investees

      —          —          —          —          0.2        0.5   

Fixed charges

      4.6        105.8        397.3        413.1        420.7        324.9   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings

    $ 291.0      $ 47.0      $ (1,379.9 )    $ (48.1 )    $ 383.8      $ 353.7   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
 

Computation of fixed charges:

               

Interest on debt obligations

    $ —        $ 91.1      $ 351.8      $ 389.3      $ 394.7      $ 302.0   

Amortization of debt issuance costs

      —          13.4        38.6        16.2        18.0        15.7   

Portion of rent expense representative of interest (1)

      4.6        1.3        6.9        7.6        8.0        7.2   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
 

Total fixed charges

    $ 4.6      $ 105.8      $ 397.3      $ 413.1      $ 420.7      $ 324.9   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
 

Ratio of earnings to fixed charges

      63x        (2 )      (2 )      (2 )      (2 )      1x   
  

 

 

            

 

 

  

 

(1) Imputed interest on operating leases is estimated to be approximately one-third of rent expense.
(2) For the period from October 12, 2007 to December 31, 2007, the years ended December 31, 2008, 2009 and 2010, earnings available for fixed charges were inadequate to cover fixed charges by $58.8 million, $1,777.2 million, $461.2 million and $37.0 million, respectively.