Exhibit 12.1
POLYMER GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
Predecessor | Successor | |||||||||||||||||||||||||||||
In thousands, except ratio data | Fiscal Year Ended January 1, 2011 | One Month Ended January 28, 2011 | Eleven Months Ended December 31, 2011 | Fiscal Year Ended December 29, 2012 | Fiscal Year Ended December 28, 2013 | Fiscal Year Ended December 31, 2014 | Three Months Ended March 31, 2015 | |||||||||||||||||||||||
Income (loss) before income taxes | $ | 16,329 | $ | (17,753 | ) | $ | (73,101 | ) | $ | (18,383 | ) | $ | (60,991 | ) | $ | (120,763 | ) | $ | (unaudited) (35,726 | ) | ||||||||||
Add: | ||||||||||||||||||||||||||||||
Interest Expense | 31,876 | 1,978 | 46,913 | 50,859 | 56,351 | 97,309 | 28,205 | |||||||||||||||||||||||
Amortizations of capitalized interest | 953 | 68 | 112 | 238 | 422 | 523 | 140 | |||||||||||||||||||||||
Portion of rental expense under operating leases deemed to be the equivalent of interest | 3,258 | 338 | 2,704 | 4,843 | 5,134 | 6,691 | 1,531 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Adjusted earnings | $ | 52,416 | $ | (15,369 | ) | $ | (23,372 | ) | $ | 37,557 | $ | 916 | $ | (16,240 | ) | $ | (5,850 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||||
Interest expense | $ | 31,876 | $ | 1,978 | $ | 46,913 | $ | 50,859 | $ | 56,351 | $ | 97,309 | $ | 28,205 | ||||||||||||||||
Capitalized interest | 875 | 241 | 1,783 | 1,823 | 1,577 | 1,629 | 601 | |||||||||||||||||||||||
Portion of rental expense under operating leases deemed to be the equivalent of interest | 3,258 | 338 | 2,704 | 4,843 | 5,134 | 6,691 | 1,531 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total fixed charges | $ | 36,009 | $ | 2,557 | $ | 51,400 | $ | 57,525 | $ | 63,062 | $ | 105,629 | $ | 30,337 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratio of earnings to fixed | 1.5x | — | — | — | — | — | — |
(1) | All fiscal years reported include 52 weeks. |
(2) | For the purposes of calculating the ratio of earnings to fixed charges, earnings consist of income (loss) before income taxes plus fixed charges. Fixed charges include cash and non-cash interest expense, whether expensed or capitalized, amortization of debt issuance cost and the portion of rental expense representative of the interest factor. |
(3) | Earnings were insufficient to cover fixed charges for the three months ended March 31, 2015, the fiscal year ended December 31, 2014, fiscal year ended December 28, 2013, the fiscal year ended December 29, 2012, the eleven month period ended December 31, 2011, and the one month period ended January 28, 2011 by $36.2 million, $121.9 million, $62.1 million, $20.0 million, $74.8 million, and $17.9 million, respectively. |