Exhibit 12.1
MICHAEL FOODS GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratios)
| Company | Predecessor | |||||||||||||||||||||||||||||||||||
| Pro Forma (a) | Historical | Pro Forma (a) | Historical | Historical | ||||||||||||||||||||||||||||||||
| Three Months | Three Months | Fiscal Year | Six Months | Six Months | ||||||||||||||||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Fiscal Year Ended, | |||||||||||||||||||||||||||||||
| April 2, 2011 | April 2, 2011 | January 1, 2011 | January 1, 2011 | June 26, 2010 | January 2, 2010 | January 3, 2009 | December 29, 2007 | December 30, 2006 | ||||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||||||||||
Earnings (loss) before income taxes and equity in losses of unconsolidated subsidiary | $ | 9,053 | $ | (561 | ) | $ | 33,216 | $ | 3,256 | $ | (47,989 | ) | $ | 92,862 | $ | 53,916 | $ | 30,320 | $ | 26,653 | ||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||||||
Fixed charges | 24,172 | 25,714 | 94,364 | 53,987 | 32,172 | 62,002 | 58,591 | 68,456 | 71,715 | |||||||||||||||||||||||||||
Subtract: | ||||||||||||||||||||||||||||||||||||
Interest capitalized | 0 | 0 | (219 | ) | (86 | ) | (133 | ) | (468 | ) | 0 | (93 | ) | (803 | ) | |||||||||||||||||||||
Adjusted Earnings | $ | 33,225 | $ | 25,133 | $ | 127,361 | $ | 57,157 | $ | (15,950 | ) | $ | 154,396 | $ | 112,507 | $ | 98,683 | $ | 97,565 | |||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||||||||||
Interest expensed | $ | 20,703 | $ | 22,603 | $ | 80,716 | $ | 47,289 | $ | 27,799 | $ | 53,728 | $ | 52,708 | $ | 62,046 | $ | 65,332 | ||||||||||||||||||
Interest portion of rentals | 500 | �� | 500 | 1,975 | 1,001 | 975 | 1,916 | 1,847 | 1,761 | 1,427 | ||||||||||||||||||||||||||
Amortization of financing costs | 2,969 | 2,611 | 11,673 | 5,697 | 3,398 | 6,358 | 4,036 | 4,649 | 4,956 | |||||||||||||||||||||||||||
| $ | 24,172 | $ | 25,714 | $ | 94,364 | $ | 53,987 | $ | 32,172 | $ | 62,002 | $ | 58,591 | $ | 68,456 | $ | 71,715 | |||||||||||||||||||
Ratio of earnings to fixed charges | 1.37 | 0.98 | 1.35 | 1.06 | (b | ) | 2.49 | 1.92 | 1.44 | 1.36 | ||||||||||||||||||||||||||
| (a) | The pro forma ratio of earnings to fixed charges is calculated as if the June 29, 2010 business combination and related financings, including the $430 million senior notes offered under the indenture and the secured loan agreement refinanced on February 25, 2011, inclusive of a $840 million term loan credit facility, had closed on January 3, 2010 for each of the pro forma periods. |
| (b) | For the six month period ended June 26, 2010, our adjusted earnings were insufficient to cover fixed charges, and the deficiency for that period was $48.1 million. |