EX-12.1 2 ibi-03292013x10qxex121.htm EX-12.1 IBI-03.29.2013-10Q-Ex 12.1


EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
(amounts in thousands other than ratios)
 
Predecessor
 
 
Successor
 
Year Ended
 
For the period December 31, 2011 through September 7, 2012
 
 
For the period September 8, 2012 through December 28, 2012
 
For the Three Months Ended March 29, 2013
 
December 26, 2008
 
December 25, 2009
 
December 31, 2010
 
December 30, 2011
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income
   taxes
$
65,458

 
$
43,161

 
$
46,750

 
$
61,511

 
$
24,208

 
 
$
(38,947
)
 
$
(5,919
)
Fixed charges (from below)
39,218

 
29,600

 
28,665

 
35,002

 
24,293

 
 
23,270

 
19,217

Total earnings (loss)
$
104,676

 
$
72,761

 
$
75,415

 
$
96,513

 
$
48,501

 
 
$
(15,677
)
 
$
13,298

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
28,482

 
$
19,044

 
$
18,710

 
$
24,355

 
$
16,631

 
 
$
19,773

 
$
15,824

Interest in rent expense
   estimated at 30% of rent expense
10,736

 
10,556

 
9,955

 
10,647

 
7,662

 
 
3,497

 
3,393

Total fixed charges (A)
$
39,218

 
$
29,600

 
$
28,665

 
$
35,002

 
$
24,293

 
 
$
23,270

 
$
19,217

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
2.7

 
2.5

 
2.6

 
2.8

 
2.0

 
 
(B)

 
(C)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(A) Preferred security dividends of Interline New Jersey were excluded from fixed charges as preferred stock was held solely by corporate parent. Effective July 1, 2012, preferred stock of Interline New Jersey was canceled and retired.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(B) Loss for the period from September 8, 2012 through December 28, 2012 was insufficient to cover fixed charges by $15.7 million. As a result of such deficiency, the ratio is not presented above.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(C) Total earnings for the three months ended March 29, 2013 was insufficient to cover fixed charges by $5.9 million. As a result of such deficiency, the ratio is not presented above.







Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(amounts in thousands other than ratios)
 
Predecessor
 
 
Successor
 
Year Ended
 
For the period December 31, 2011 through September 7, 2012
 
 
For the period September 8, 2012 through December 28, 2012
 
For the Three Months Ended March 29, 2013
 
December 26, 2008
 
December 25, 2009
 
December 31, 2010
 
December 30, 2011
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income
   taxes
$
65,458

 
$
43,161

 
$
46,750

 
$
61,511

 
$
24,208

 
 
$
(38,947
)
 
$
(5,919
)
Fixed charges (from below)
39,218

 
29,600

 
28,665

 
35,002

 
24,293

 
 
23,270

 
19,217

Total earnings (loss)
$
104,676

 
$
72,761

 
$
75,415

 
$
96,513

 
$
48,501

 
 
$
(15,677
)
 
$
13,298

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
28,482

 
$
19,044

 
$
18,710

 
$
24,355

 
$
16,631

 
 
$
19,773

 
$
15,824

Interest in rent expense
   estimated at 30% of rent expense
10,736

 
10,556

 
9,955

 
10,647

 
7,662

 
 
3,497

 
3,393

Total fixed charges (A)
$
39,218

 
$
29,600

 
$
28,665

 
$
35,002

 
$
24,293

 
 
$
23,270

 
$
19,217

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred dividends (calculated
   below)

 

 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total combined fixed charges and
   preferred dividends
$
39,218

 
$
29,600

 
$
28,665

 
$
35,002

 
$
24,293

 
 
$
23,270

 
$
19,217

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
2.7

 
2.5

 
2.6

 
2.8

 
2.0

 
 
(B)

 
(C)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Surplus (Deficit)
$
65,458

 
$
43,161

 
$
46,750

 
$
61,511

 
$
24,208

 
 
$
(38,947
)
 
$
(5,919
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Dividends:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred dividend amount (A)

 

 

 

 

 
 

 

Tax rate
37.6
%
 
39.6
%
 
40.3
%
 
38.8
%
 
47.0
%
 
 
27.0
%
 
75.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred dividends

 

 

 

 

 
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(A) Preferred security dividends of Interline New Jersey were excluded from fixed charges as preferred stock was held solely by corporate parent. Effective July 1, 2012, preferred stock of Interline New Jersey was canceled and retired.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(B) Loss for the period from September 8, 2012 through December 28, 2012 was insufficient to cover fixed charges by $15.7 million. As a result of such deficiency, the ratio is not presented above.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(C) Total earnings for the three months ended March 29, 2013 was insufficient to cover fixed charges by $5.9 million. As a result of such deficiency, the ratio is not presented above.