EX-12 2 micf-ex12_20131228148.htm EXHIBIT 12.1

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

 

 

 

 

 

 

 

 

 

 

 

 

Six Months

 

 

Six Months

 

 

Year

 

 

 

For the Year Ended

 

 

Ended

 

 

Ended

 

 

Ended

 

 

 

December 28,

 

 

December 29,

 

 

December 31,

 

 

January 1,

 

 

June 26,

 

 

January 2,

 

 

 

2013

 

 

2012

 

 

2011

 

 

2011

 

 

2010

 

 

2010

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

76,346

 

 

$

44,473

 

 

$

14,103

 

 

$

3,256

 

 

$

(47,989

)

 

$

92,862

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

87,693

 

 

 

91,595

 

 

 

99,501

 

 

 

53,987

 

 

 

32,172

 

 

 

62,002

 

Subtract:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

 

(274

)

 

 

(82

)

 

 

(374

)

 

 

(86

)

 

 

(133

)

 

 

(468

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Earnings

 

$

163,765

 

 

$

135,986

 

 

$

113,230

 

 

$

57,157

 

 

$

(15,950

)

 

$

154,396

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed

 

$

75,755

 

 

$

78,154

 

 

$

81,985

 

 

$

47,289

 

 

$

27,799

 

 

$

53,728

 

Interest portion of rentals

 

 

957

 

 

 

949

 

 

 

938

 

 

 

1,001

 

 

 

975

 

 

 

1,916

 

Interest rate swap contracts

 

 

742

 

 

 

2,372

 

 

 

6,500

 

 

 

0

 

 

 

0

 

 

 

0

 

Amortization of financing costs

 

 

10,239

 

 

 

10,120

 

 

 

10,078

 

 

 

5,697

 

 

 

3,398

 

 

 

6,358

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

87,693

 

 

$

91,595

 

 

$

99,501

 

 

$

53,987

 

 

$

32,172

 

 

$

62,002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (1)

 

 

1.87

 

 

 

1.48

 

 

 

1.14

 

 

 

1.06

 

 

 

 

 

 

 

2.49

 

(1)

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