EX-12.1 4 ibi-12272013x10kxex121.htm EXHIBIT 12.1 IBI-12.27.2013-10K-Ex 12.1


EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
(amounts in thousands other than ratios)
 
Predecessor
 
 
Successor
 
For the fiscal year ended December 25, 2009
 
For the fiscal year ended December 31, 2010
 
For the fiscal year ended December 30, 2011
 
For the period December 31, 2011 through September 7, 2012
 
 
For the period September 8, 2012 through December 28, 2012
 
For the fiscal year ended December 27, 2013
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
$
43,161

 
$
46,750

 
$
61,511

 
$
24,208

 
 
$
(38,947
)
 
$
(17,187
)
Fixed charges (from below)
29,600

 
28,665

 
35,002

 
24,293

 
 
23,270

 
76,554

Total earnings (loss)
$
72,761

 
$
75,415

 
$
96,513

 
$
48,501

 
 
$
(15,677
)
 
$
59,367

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
19,044

 
$
18,710

 
$
24,355

 
$
16,631

 
 
$
19,773

 
$
63,087

Interest in rent expense estimated at 30% of
   rent expense
10,556

 
9,955

 
10,647

 
7,662

 
 
3,497

 
13,467

Total fixed charges (A)
$
29,600

 
$
28,665

 
$
35,002

 
$
24,293

 
 
$
23,270

 
$
76,554

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
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) For the period from September 8, 2012 through December 28, 2012, earnings were inadequate to cover fixed charges. The Company would have needed
       to generate additional earnings of $38.9 million to achieve a coverage ratio of 1.0 to 1.0 for this period.
 
 
 
 
 
 
 
 
 
 
 
 
 
(C) For the fiscal year ended December 27, 2013, earnings were inadequate to cover fixed charges. The Company would have needed to generate additional
       earnings of $17.2 million to achieve a coverage ratio of 1.0 to 1.0 for this period.







Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(amounts in thousands other than ratios)
 
Predecessor
 
 
Successor
 
For the fiscal year ended December 25, 2009
 
For the fiscal year ended December 31, 2010
 
For the fiscal year ended December 30, 2011
 
For the period December 31, 2011 through September 7, 2012
 
 
For the period September 8, 2012 through December 28, 2012
 
For the fiscal year ended December 27, 2013
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
$
43,161

 
$
46,750

 
$
61,511

 
$
24,208

 
 
$
(38,947
)
 
$
(17,187
)
Fixed charges (from below)
29,600

 
28,665

 
35,002

 
24,293

 
 
23,270

 
76,554

Total earnings (loss)
$
72,761

 
$
75,415

 
$
96,513

 
$
48,501

 
 
$
(15,677
)
 
$
59,367

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
19,044

 
$
18,710

 
$
24,355

 
$
16,631

 
 
$
19,773

 
$
63,087

Interest in rent expense estimated at 30%
   of rent expense
10,556

 
9,955

 
10,647

 
7,662

 
 
3,497

 
13,467

Total fixed charges (A)
$
29,600

 
$
28,665

 
$
35,002

 
$
24,293

 
 
$
23,270

 
$
76,554

 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred dividends (calculated below)

 

 

 

 
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
Total combined fixed charges and preferred
   dividends
$
29,600

 
$
28,665

 
$
35,002

 
$
24,293

 
 
$
23,270

 
$
76,554

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Combined Fixed
   Charges and Preferred Dividends
2.5

 
2.6

 
2.8

 
2.0

 
 
(B)

 
(C)

 
 
 
 
 
 
 
 
 
 
 
 
 
Surplus (Deficit)
$
43,161

 
$
46,750

 
$
61,511

 
$
24,208

 
 
$
(38,947
)
 
$
(17,187
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Dividends:
 
 
 
 
 
 
 
 
 
 
 
 
Preferred dividend amount (A)

 

 

 

 
 

 

Tax rate
39.6
%
 
40.3
%
 
38.8
%
 
47.0
%
 
 
27.0
%
 
63.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
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) For the period from September 8, 2012 through December 28, 2012, earnings were inadequate to cover fixed charges. The Company would have needed
to generate additional earnings of $38.9 million to achieve a coverage ratio of 1.0 to 1.0 for this period.
 
 
 
 
 
 
 
 
 
 
 
 
 
(C) For the fiscal year ended December 27, 2013, earnings were inadequate to cover fixed charges. The Company would have needed to generate additional
earnings of $17.2 million to achieve a coverage ratio of 1.0 to 1.0 for this period.