EX-12.1 5 y02447exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
G-III Apparel Group, Ltd. and Subsidiaries
RATIO OF EARNINGS TO FIXED CHARGES
     The following table sets forth the ratio of earnings to fixed charges for G-III Apparel Group, Ltd. for each of the last five fiscal years and for the six months ended July 31, 2009.
                                                 
                                            Six  
                                            Months  
    Fiscal Year Ended January 31,     Ended  
                                            July 31,  
    2005     2006     2007     2008     2009     2009  
    (In thousands, except ratios)  
Earnings:
                                                
Pre-tax income (loss) from continuing operations
   $ 1,980     $ 12,609     $ 21,496     $ 29,197     $ (9,441 )   $ (16,543 )
Fixed charges
     2,119       6,027       8,486       5,791       9,439       4,195  
 
                                    
Total Earnings
   $ 4,099     $ 18,636     $ 29,982     $ 34,988     $ (2 )   $ (12,348 )
 
                                    
 
                                                
Fixed Charges:
                                                
Interest expensed
   $ 1,496     $ 5,117     $ 7,319     $ 4,296     $ 5,615     $ 1,728  
Estimate of interest within rental expense(1)
      623        910       1,167       1,495       3,824       2,467  
 
                                    
Total Fixed Charges
   $ 2,119     $ 6,027     $ 8,486     $ 5,791     $ 9,439     $ 4,195  
 
                                    
 
                                                
Ratio of Earnings to Fixed Charges
     1.9 x     3.1 x     3.5 x     6.0 x       (2)       (2)
 
(1)   The estimate of interest within rental expense was calculated based on the net present value of minimum lease payments which approximates 24.1%.
 
(2)   Earnings were insufficient to cover fixed charges by $9.4 million for the year ended January 31, 2009 and $16.5 million for the six month period ended July 31, 2009. Pre-tax loss for the year ended January 31, 2009 includes non-cash impairment charges of $33.5 million.
     For the periods indicated above, we had no outstanding shares of preferred stock. Therefore, the ratios of earnings to combined fixed charges and preferred stock dividends are identical to the ratios presented above for all such periods.