EX-12 2 lnce-12292012xex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES LNCE-12.29.2012-EX12


EXHIBIT 12



COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our computation of the ratio of earnings to fixed charges for the years ended as indicated:

(in thousands, except ratios
 
2012
 
2011
 
2010
 
2009
 
2008
Income before income taxes
 
$
99,653

 
$
59,845

 
$
8,162

 
$
53,331

 
$
28,788

Plus: Fixed Charges
 
18,062

 
18,049

 
7,297

 
5,853

 
5,209

Income available to cover fixed charges
 
$
117,715

 
$
77,894

 
$
15,459

 
$
59,184

 
$
33,997

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
6.5

 
4.3

 
2.1

 
10.1

 
6.5

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
9,706

 
$
10,703

 
$
4,022

 
$
3,353

 
$
3,162

Interest portion of rent expense (1)
 
7,967

 
7,346

 
3,275

 
2,345

 
1,765

Capitalized interest
 
389

 
—

 
—

 
155

 
282

Total fixed charges
 
$
18,062


$
18,049

 
$
7,297

 
$
5,853

 
$
5,209


(1) One-third of total rent expense is the portion deemed representative of the interest factor.

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.