EX-12.1 4 pinnp20131229ex121.htm EXHIBIT 12.1 PINNP.2013.12.29 EX 12.1


Exhibit 12.1


COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year ended
 
Fiscal Year ended
 
Fiscal Year ended
 
Fiscal Year ended
 
Fiscal Year ended
 
December 29, 2013
 
December 30, 2012
 
December 25, 2011
 
December 26, 2010
 
December 27, 2009
 
 
 
 
 
 
 
 
 
 
Fixed charges as defined:
 
 
 
 
 
 
 
 
 
Interest expense
$
132,354

 
$
198,484

 
$
208,319

 
$
236,004

 
$
121,167

One-third of non-cancelable lease rent
4,317

 
4,620

 
3,771

 
4,071

 
1,756

 
 
 
 
 
 
 
 
 
 
Total fixed charges (A)
$
136,671

 
$
203,104

 
$
212,090

 
$
240,075

 
$
122,923

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Eanings as defined:
 
 
 
 
 
 
 
 
 
Earnings (loss) before income taxes
$
160,824

 
$
85,220

 
$
(24,811
)
 
$
29,436

 
$
24,880

Add fixed charges
136,671

 
203,104

 
212,090

 
240,075

 
122,923

 
 
 
 
 
 
 
 
 
 
Earnings and fixed charges (B)
$
297,495

 
$
288,324

 
$
187,279

 
$
269,511

 
$
147,803

 


 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges: (B/A)
2.18x

 
1.42x

 
NM (1)

 
1.12x

 
1.20x


(1)
The Company's earnings for the fiscal years ended December 25, 2011 were insufficient to cover fixed charges by $24.8 million.