Exhibit 12.1
Brown Shoe Company, Inc.
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Fixed Charges
Fiscal Years Ended | Quarters Ended | |||||||||||||||||||||||||||||||||||
Historical | Pro Forma | Historical | Pro Forma | |||||||||||||||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | 2010 | Q1 2010 | Q1 2011 | Q1 2011 | ||||||||||||||||||||||||||||
($ millions) | ||||||||||||||||||||||||||||||||||||
Earnings (loss) before income taxes | $ | 93.4 | $ | 83.8 | $ | (188.6 | ) | $ | 11.7 | $ | 53.2 | $ | 67.6 | $ | 16.8 | $ | 6.0 | $ | 9.9 | |||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||||||
Fixed charges | 40.6 | 40.0 | 43.4 | 48.8 | 48.0 | 54.5 | 11.8 | 13.5 | 13.8 | |||||||||||||||||||||||||||
Amortization of capitalized interest | — | — | — | 0.1 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | |||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||
Capitalized interest | — | — | (0.2 | ) | (1.0 | ) | (1.3 | ) | (1.3 | ) | (0.5 | ) | (0.0 | ) | (0.0 | ) | ||||||||||||||||||||
EARNINGS (LOSS) BEFORE INCOME TAXES AND FIXED CHARGES | $ | 134.0 | $ | 123.8 | $ | (145.4 | ) | $ | 59.5 | $ | 100.1 | $ | 121.0 | $ | 28.1 | $ | 19.5 | $ | 23.7 | |||||||||||||||||
Interest expense | $ | 17.9 | $ | 16.2 | $ | 17.1 | $ | 20.2 | $ | 19.6 | $ | 25.6 | $ | 4.5 | $ | 6.7 | $ | 7.0 | ||||||||||||||||||
Interest portion of rent expense (1) | 22.7 | 23.8 | 26.1 | 27.6 | 27.0 | 27.5 | 6.7 | 6.7 | 6.7 | |||||||||||||||||||||||||||
Capitalized interest | — | — | 0.2 | 1.0 | 1.3 | 1.3 | 0.5 | 0.0 | 0.0 | |||||||||||||||||||||||||||
TOTAL FIXED CHARGES | $ | 40.6 | $ | 40.0 | $ | 43.4 | $ | 48.8 | $ | 48.0 | $ | 54.5 | $ | 11.8 | $ | 13.5 | $ | 13.8 | ||||||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES (2) | 3.30 | 3.09 | N/A | 1.22 | 2.09 | 2.22 | 2.39 | 1.45 | 1.73 | |||||||||||||||||||||||||||
(1) | Calculated as 17% of rent expense, which is a reasonable approximation of the interest factor. | |
(2) | Earnings were inadequate to cover fixed charges by $188.8 million for the year ended January 31, 2009. |