EX-12 2 a2235393zex-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 3,
2018 		  March 4,
2017 		  February 27,
2016 		  February 28,
2015 		  March 1,
2014 		 
 
   (52 Weeks)
   (53 Weeks)
   (52 Weeks)
   (52 Weeks)
   (52 Weeks)
  
 
   (dollars in thousands)
  

Fixed charges:

                                

Interest expense

   $ 202,768   $ 200,065   $ 186,132   $ 116,997   $ 127,569  

Interest portion of net rental expense(1)

     209,504     211,513     202,497     200,525     199,018  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges before capitalized interest and preferred stock dividend requirements

     412,272     411,578     388,629     317,522     326,587  

Preferred stock dividend requirements(2)

     —     —     —     —     16,636  

Capitalized interest

     223     129     142     105     197  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

     412,495     411,707     388,771     317,627     343,420  

Earnings:

                                

(Loss) income before income taxes

     (43,545 )   48,518     151,600     272,333     196,858  

Preferred stock dividend requirements(2)

     —     —     —     —     (16,636 )

Fixed charges before capitalized interest

     412,272     411,578     388,629     317,522     343,223  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total adjusted earnings

     368,727     460,096     540,229     589,855     523,445  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings to fixed charges excess (deficiency)

   $ (43,768 ) $ 48,389   $ 151,458   $ 272,228   $ 180,025  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges(3)              

     0.89     1.12     1.39     1.86     1.52  
(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 March 1, 2014, February 28, 2015, February 27, 2016, and March 4, 2017 earnings were sufficient to cover fixed charges by approximately $180.0 million, $272.2 million, $151.5 million, and $48.4 million, respectively. For the year ended March 3, 2018, earnings were insufficient to cover fixed charges by approximately $43.8 million.



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