EX-12 3 a2219729zex-12.htm EX-12
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Exhibit 12

RITE AID CORPORATION AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

        We have calculated the ratio of earnings to fixed charges in the following table by dividing earnings by fixed charges. For this purpose, earnings include pre-tax income from continuing operations plus fixed charges, before capitalized interest. Fixed charges include interest, whether expensed or capitalized, amortization of debt expense, preferred stock dividend requirement and that portion of rental expense which is representative of the interest factor in those rentals.

 
   Year Ended  
 
   March 1,
2014 		  March 2,
2013 		  March 3,
2012 		  February 26,
2011 		  February 27,
2010 		 
 
   (52 Weeks)
   (52 Weeks)
   (53 Weeks)
   (52 Weeks)
   (52 Weeks)
  
 
   (dollars in thousands)
  

Fixed charges:

                                

Interest expense

   $ 424,591   $ 515,421   $ 529,255   $ 547,581   $ 515,763  

Interest portion of net rental expense(1)

     317,592     317,080     325,631     321,888     320,506  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges before capitalized interest and preferred stock dividend requirements

     742,183     832,501     854,886     869,469     836,269  

Preferred stock dividend requirements(2)

     16,636     21,056     19,838     18,692     17,614  

Capitalized interest

     197     399     315     509     859  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

     759,016     853,956     875,039     888,670     854,742  

Earnings:

                                

Income (loss) before income taxes

     250,218     7,505     (392,257 )   (545,582 )   (479,918 )

Preferred stock dividend requirements(2)

     (16,636 )   (21,056 )   (19,838 )   (18,692 )   (17,614 )

Fixed charges before capitalized interest

     758,819     853,557     874,724     888,161     853,883  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total adjusted earnings (loss)

     992,401     840,006     462,629     323,887     356,351  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings to fixed charges excess (deficiency)

   $ 233,385   $ (13,950 ) $ (412,410 ) $ (564,783 ) $ (498,391 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges(3)

     1.31     —     —     —     —  
(1)
The interest portion of net rental expense is estimated to be equal to one-third of the minimum rental expense for the period.

(2)
The preferred stock dividend requirement is computed as the pre-tax earnings that would be required to cover preferred stock dividends.

(3)
For the years ended, February 27, 2010, February 26, 2011, March 3, 2012, and March 2, 2013, earnings were insufficient to cover fixed charges by approximately $498.4 million, $564.8 million, $412.4 million, and $14.0 million, respectively. For the year ended March 1, 2014, earnings were sufficient to cover fixed charges by approximately $233.4 million.



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RITE AID CORPORATION AND SUBSIDIARIES STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES