Exhibit 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
Six Month Ended | Fiscal Year Ended | |||||||||||||||||||||||||||
May 1, 2010 | May 2, 2009 | October 31, 2009 | October 25, 2008 | October 27, 2007 | October 28, 2006 | October 29, 2005 | ||||||||||||||||||||||
Earnings (loss) from continuing operations before taxes (1) | $ | 73,911 | $ | (95,788 | ) | $ | (74,025 | ) | $ | 22,741 | $ | 140,034 | $ | 98,352 | $ | 55,198 | ||||||||||||
Adjustments: | ||||||||||||||||||||||||||||
Add fixed charges | 52,190 | 59,416 | 115,668 | 24,201 | 16,454 | 10,698 | 11,271 | |||||||||||||||||||||
Less capitalized interest | (7,035 | ) | (4,044 | ) | (9,093 | ) | (1,439 | ) | — | — | — | |||||||||||||||||
Total fixed charges from continuing operations | 45,155 | 55,372 | 106,575 | 22,762 | 16,454 | 10,698 | 11,271 | |||||||||||||||||||||
Earnings (loss) before taxes and fixed charges, net of capitalized interest | $ | 119,066 | $ | (40,416 | ) | $ | 32,550 | $ | 45,503 | $ | 156,488 | $ | 109,050 | $ | 66,469 | |||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense (1) | 41,595 | 51,653 | 99,294 | 17,249 | 11,295 | 7,082 | 7,693 | |||||||||||||||||||||
Capitalized interest | 7,035 | 4,044 | 9,093 | 1,439 | — | — | — | |||||||||||||||||||||
Interest component of rent expense | 3,560 | 3,719 | 7,281 | 5,513 | 5,159 | 3,616 | 3,578 | |||||||||||||||||||||
Total fixed charges from continuing operations | 52,190 | 59,416 | 115,668 | 24,201 | 16,454 | 10,698 | 11,271 | |||||||||||||||||||||
Ratio of earnings (loss) to fixed charges (2) | 2.3 | x | (0.7 | )x | 0.3 | x | 1.9 | x | 9.5 | x | 10.2 | x | 5.9 | x | ||||||||||||||
Coverage deficiency | $ | — | $ | 99,832 | $ | 83,118 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
(1) | As adjusted due to changes to the accounting for convertible debt instruments |
(2) | The ratio of earnings (loss) to fixed charges was computed by dividing earnings from continuing operations before taxes and fixed charges, net of capitalized interest, by total fixed charges from continuing operations for the periods indicated. Fixed charges from continuing operations include (i) interest expense and capitalization and amortization of debt discount and issuance costs on all indebtedness and (ii) one-third of all rental expense, which the Company considers to be a reasonable approximation of the interest factor included in rental expense. |