EX-12.1 3 cdw-20141231x10kxex121.htm EXHIBIT 12.1 CDW-2014.12.31-10K-EX12.1

EXHIBIT 12.1
CDW CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)

 
 
 
 
 
 
 
 
 
 
 
Years ended December 31,
(dollars in millions)
2010
 

2011
 
2012
 

2013
 

2014
Computation of earnings:
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and adjustment for (income) loss from equity investees
$
(37.1
)
 
$
28.3

 
$
185.8

 
$
194.9

 
$
385.5

Distributed income from equity investees
0.2

 
0.5

 
1.2

 
1.0

 
1.1

Fixed charges
420.7

 
324.9

 
312.4

 
254.3

 
202.8

Total earnings
$
383.8

 
$
353.7

 
$
499.4

 
$
450.2

 
$
589.4

 
 
 
 
 
 
 
 
 
 
Computation of fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
394.7

 
$
302.0

 
$
294.4

 
$
241.8

 
$
191.3

Amortization of deferred financing costs and debt premium
18.0

 
15.7

 
13.6

 
8.8

 
6.4

Portion of rent expense representative of interest (1)
8.0

 
7.2

 
4.4

 
3.7

 
5.1

Total fixed charges
$
420.7

 
$
324.9

 
$
312.4

 
$
254.3

 
$
202.8

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
(2 
) 
 
1.1

 
1.6

 
1.8

 
2.9


(1) 
Fixed charges include a reasonable estimation of the interest factor included in rental expense.

(2) 
For the year ended December 31, 2010, earnings available for fixed charges were inadequate to cover fixed charges by $37.0 million.