EX-12.1 31 dex121.htm STATEMENT RE COMPUTATION OF RATIOS Statement re computation of ratios

Exhibit 12.1

 

VS HOLDINGS, INC. AND SUBSIDIARY

 

Computation of the Ratio or Earnings to Fixed Charges

 

(In thousands)

                                        Predecessor
     Three Months
Ended
    Fiscal
    Period
from
      Period
from
    Fiscal
     April
1, 2006
    March 26,
2005
    December 31,
2005
     December 25,
2004
      December 27,
2003
    Nov. 23-
Dec. 28,
2002
      Jan. 1-
Nov.
22,
2002
    December 31,
2001

Income (loss) before provision (benefit) for income taxes and minority interest in loss of subsidiary

    $ 3,896    $ 2,263    $ (13,052 )   $ (972 )    $ 3,330    $ (608 )    $ 21,145    $ 11,889

Plus: fixed charges (see components below)

      8,708      7,396      31,817       25,915        24,139      2,077           9,085      10,118
    
  
  
 
  
  
  
  
     $ 12,604    $ 9,659    $ 18,765     $ 24,943      $ 27,469    $ 1,469      $ 30,230    $ 22,007
    
  
  
 
  
  
  
  

Fixed Charges:

                                                             

Portions of rent expense representing interest (1)

    $ 3,333    $ 2,917    $ 12,431     $ 9,567      $ 6,967    $ 500      $ 4,867    $ 4,400

Interest expense, net (2)

      5,375      4,479      19,386       16,348        17,172      1,577        4,218      5,718
    
  
  
 
  
  
  
  

Fixed charges

    $ 8,708    $ 7,396    $ 31,817     $ 25,915      $ 24,139    $ 2,077      $ 9,085    $ 10,118
    
  
  
 
  
  
  
  

Ratio of earnings to fixed charges

      1.4x      1.3x      0.6x       1.0x        1.1x      0.7x        3.3x      2.2x

 

(1) The portion of rent expense representing interest is estimated to be 33% of the rent expense for purposes of calculating the ratio of earnings to fixed charges.
(2) Interest expense, net consists of interest expense, amortization of debt discount and amortization of deferred financing fees.