EX-12.1 4 dex121.htm RATIO OF COMBINED FIXED CHARGES & PREFERENCE DIVIDENDS TO EARNINGS Ratio of Combined Fixed Charges & Preference Dividends to Earnings

Exhibit 12.1

CALLAWAY GOLF COMPANY

RATIO OF COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS TO EARNINGS

(In Thousands)

 

     Years Ended December 31,  
     2009     2008    2007    2006    2005    2004  

EARNINGS:

                

Income (loss) from continuing operations before income taxes and non-controlling interest

   $ (29,128   $ 100,341    $ 88,264    $ 34,987    $ 14,537    $ (23,713

Fixed charges

     17,304        8,817      8,523      8,369      5,624      3,707   
                                            

Total earnings

     (11,824     109,158      96,787      43,356      20,161      (20,006
                                            

FIXED CHARGES:

                

Interest on debt and amortization of deferred financing costs

     1,737        4,666      5,363      5,421      2,279      945   

Estimated interest expense included in rental expense

     4,522        4,151      3,160      2,948      3,345      2,762   

Preference security dividends, pre-tax

     11,045        —        —        —        —        —     
                                            

Total fixed charges

   $ 17,304      $ 8,817    $ 8,523    $ 8,369    $ 5,624    $ 3,707   
                                            

RATIO OF EARNINGS TO FIXED CHARGES

     (1)      12.38      11.36      5.18      3.58      (1) 
                                            

 

(1)

Earnings for the years ended December 31, 2004 and 2009 were insufficient to cover fixed charges by $23.7 million and $29.1 million, respectively.