EX-12.1 2 d318554dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

The J.M. Smucker Company

Computation of Ratio of Earnings to Fixed Charges

(in thousands of dollars)

 

     Year Ended April 30,  
     2012     2011     2010     2009     2008  

Earnings before fixed charges:

          

Income before income taxes

     701,158        717,164        730,753        396,065        254,788   

Total fixed charges

     105,800        90,563        84,351        75,560        50,617   

Less: capitalized interest

     (5,670     (1,778     (827     (900     (505
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings available for fixed charges

     801,288        805,949        814,277        470,725        304,900   

Fixed charges:

          

Interest and other debt expense, net of capitalized interest

     81,296        69,594        65,187        62,478        42,145   

Capitalized interest

     5,670        1,778        827        900        505   

Estimated interest portion of rent expense (a)

     18,834        19,191        18,337        12,182        7,967   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

     105,800        90,563        84,351        75,560        50,617   

Ratio of earnings to fixed charges

     7.6        8.9        9.7        6.2        6.0   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) For purposes of this calculation, management estimates approximately one-third of rent expense is representative of interest expense.