EX-12.1 6 dex121.htm RATIO OF EARNINGS TO FIXED CHARGES RATIO OF EARNINGS TO FIXED CHARGES
 
EXHIBIT 12.1
 
THE PANTRY, INC.
 
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
(Dollars in thousands)
 
    
Sep. 24, 1998
     
Sep. 30, 1999
     
Sep. 28, 2000
   
Sep. 27, 2001
     
Sep. 26, 2002
Pretax (loss) income
   
$
4,673
 
   
$
24,750
 
   
$
24,772
   
$
(1,785
)
   
$
2,934
Fixed charges:
                                         
Interest expense
   
 
28,946
 
   
 
41,280
 
   
 
52,329
   
 
58,731
 
   
 
51,646
Amortization of deferred financing costs
   
 
2,071
 
   
 
1,894
 
   
 
2,055
   
 
2,096
 
   
 
2,270
Preferred stock dividends
   
 
2,003
 
   
 
3,657
 
   
 
—  
   
 
—  
 
   
 
—  
Rental expense (1)
   
 
7,919
 
   
 
13,517
 
   
 
16,952
   
 
19,973
 
   
 
21,086
    
  
  
  
  
Total fixed charges
   
$
40,939
 
   
$
60,348
 
   
$
71,336
   
$
80,800
 
   
$
75,002
    
  
  
  
  
Preferred stock dividends
   
 
(2,003
)
   
 
(3,657
)
   
 
—  
   
 
—  
 
   
 
—  
    
  
  
  
  
Earnings
   
$
43,609
 
   
$
81,441
 
   
$
96,108
   
$
79,015
 
   
$
77,936
    
  
  
  
  
Ratio (shortfall) of earnings to fixed charges
   
 
1.07
 
   
 
1.35
 
   
 
1.35
   
$
(1,785
)
   
 
1.04
    
  
  
  
  
(1)
 
One-third of rental expense related to operating leases representing an appropriate interest factor.