EX-12.1 4 d361912dex121.htm STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement Re: Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

 

     Six Months
Ended
    Year Ended  
     June 24,
2012
    December 25,
2011
    December 26,
2010
    December 20,
2009
    December 21,
2008
     December 23,
2007
 
     ($in thousands)  

Earnings:

             

(Loss) income from continuing operations before income taxes

   $ (29,838   $ (53,068   $ (35,250   $ (13,678   $ 14,553       $ 16,848   

Fixed charges

     45,732        82,379        65,064        62,214        64,745         64,627   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Earnings from continuing operations, adjusted

   $ 15,894      $ 29,311      $ 29,814      $ 48,536      $ 79,298       $ 81,475   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Ratio of earnings to fixed charges

     —          —          —          —          1.22x         1.26x   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Fixed Charges:

             

Interest expense

     33,980        55,677        40,117        38,036        39,923         40,364   

Interest portion of rent expense

     11,752        26,702        24,351        23,752        24,545         24,263   

Capitalized interest

     —          —          596        426        277         —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Total fixed charges

   $ 45,732      $ 82,379      $ 65,064      $ 62,214      $ 64,745       $ 64,627   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

For the purposes of computing the ratio of earnings to fixed charges, earnings are defined as income before income taxes plus fixed charges. Fixed charges consist of interest expense (including capitalized interest) and the portion of rental expense that is representative of the interest factor. For the six months ended June 24, 2012 and the years ended December 25, 2011, December 26, 2010, and December 20, 2009, earnings were insufficient to cover fixed charges by $29.8 million, $53.1 million, $35.3 million, and $13.7 million, respectively.