EX-12.1 3 d444132dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

MICHAEL FOODS GROUP, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

For the Periods Ended

(In thousands, Except Ratios)

 

     Company     Predecessor  
     Year Ended     Six Months
Ended
    Six Months
Ended
    Year ended,  
     December 29,     December 31,     January 1,     June 26,     January 2,     January 3,  
     2012     2011     2011     2010     2010     2009  

Earnings:

              

Earnings (loss) before income taxes and equity in losses of unconsolidated subsidiary

   $ 44,473      $ 14,103      $ 3,256      $ (47,989   $ 92,862      $ 53,916   

Add:

              

Fixed charges

     91,595        99,501        53,987        32,172        62,002        58,591   

Subtract:

              

Interest capitalized

     (82     (374     (86     (133     (468     0   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted Earnings

   $ 135,986      $ 113,230      $ 57,157      $ (15,950   $ 154,396      $ 112,507   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed Charges:

              

Interest expensed

   $ 78,154      $ 81,985      $ 47,289      $ 27,799      $ 53,728      $ 52,708   

Interest portion of rentals

     949        938        1,001        975        1,916        1,847   

Interest rate swap contracts

     2,372        6,500        0        0        0        0   

Amortization of financing costs

     10,120        10,078        5,697        3,398        6,358        4,036   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   $ 91,595      $ 99,501      $ 53,987      $ 32,172      $ 62,002      $ 58,591   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges (1)

     1.48        1.14        1.06          2.49        1.92   
  

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(1) Due to the Predecessor’s loss for the six-month period ended June 26, 2010, the ratio coverage was less than 1:1.