EX-12.1 3 d268610dex121.htm RATIO OF COMBINED FIXED RATES Ratio of Combined Fixed Rates

Exhibit 12.1

CALLAWAY GOLF COMPANY

RATIO OF COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS TO EARNINGS

(In Thousands)

 

     Years Ended December 31,  
     2011     2010     2009     2008      2007  

EARNINGS:

            

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

    $ (89,674 )    $ (35,215 )    $ (29,128 )    $ 100,341       $ 88,264   

Fixed charges

      26,131        25,352        17,304        8,817         8,523   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Total earnings

      (63,543 )      (9,863 )      (11,824 )      109,158         96,787   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

FIXED CHARGES:

            

Interest on debt and amortization of deferred financing costs

      1,618        848        1,737        4,666         5,363   

Estimated interest expense included in rental expense

      7,439        4,656        4,522        4,151         3,160   

Preference security dividends, pre-tax

      17,073        19,849        11,045        —           —     
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Total fixed charges

    $ 26,130      $ 25,353      $ 17,304      $ 8,817       $ 8,523   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

RATIO OF EARNINGS TO FIXED CHARGES

      —   (1)      —   (1)      —   (1)      12.38         11.36   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

 

(1) Earnings for the years ended December 31, 2011, 2010 and 2009 were insufficient to cover fixed charges by $89.7 million, $35.2 million and $29.1 million, respectively.