EX-12.1 8 f43321orexv12w1.htm EXHIBIT 12.1 exv12w1
Exhibit 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
                                                 
    Nine        
    months        
    Ended     Fiscal Year Ended  
    July 26,     October 27,     October 28,     October 29,     October 30,       October 25,    
    2008     2007     2006     2005     2004       2003    
Earnings (loss) from continuing operations before taxes
   $ (5,220 )   $ 144,915     $ 98,352     $ 55,198     $ (19,624 )   $ (134,697 )
Fixed charges from continuing operations
                                      
Interest expense and amortization of debt discount and issuance costs on all indebtedness
     4,384       6,414       7,082       7,693       10,677       13,339  
Interest included in rent
     3,924       5,159       3,616       3,578       3,722       7,579  
 
                                    
Total fixed charges from continuing operations
     8,308       11,573       10,698       11,271       14,399       20,917  
 
                                    
Earnings (loss) before taxes and fixed charges
   $ 3,088     $ 156,488     $ 109,050     $ 66,469     $ (5,225 )   $ (113,780 )
 
                                    
Ratio of earnings to fixed charges (1)
     0.4x       13.5x       10.2x       5.9x       —       —  
Coverage deficiency (2)
   $ 5,220     $ —     $ —     $ —     $ 19,624     $ 134,697  
 
                                    
 
(1)   The ratio of earnings to fixed charges was computed by dividing earnings (loss) from continuing operations before taxes by fixed charges from continuing operations for the periods indicated. Fixed charges from continuing operations include (i) interest expense and amortization of debt discount and issuance costs on all indebtedness, and (ii) one-third of all rental expense, which the Company considers to be a reasonable approximation of the interest factor included in rental expense.
 
(2)   Earnings were inadequate to cover fixed charges. For the years ended October 30, 2004 and October 25, 2003, the Company needed additional earnings of $19.6 million and $134.7 million, respectively, to achieve a ratio of earnings to fixed charges of 1.0x.