Exhibit 12.1
Diversey, Inc.
Computation of Ratio of Earnings to Fixed Charges (unaudited)
(dollars in thousands)
Historical | Pro Forma | ||||||||||||||||||||||||||||
For the fiscal year ended | For the three months ended | For the fiscal year ended | |||||||||||||||||||||||||||
December 29, 2005 | December 29, 2006 | December 28, 2007 | December 31, 2008 | December 31, 2009 | April 3, 2009 | April 2, 2010 | December 31, 2009 | ||||||||||||||||||||||
Earnings (a) | $ | (71,786 | ) | $ | (237,253 | ) | $ | (29,048 | ) | $ | 30,099 | $ | 83,602 | $ | (2,057 | ) | $ | 20,138 | $ | 55,672 | |||||||||
Plus: | |||||||||||||||||||||||||||||
Fixed charges | 169,222 | 145,927 | 130,746 | 130,599 | 120,458 | 30,221 | 34,086 | 137,599 | |||||||||||||||||||||
Amortization of capitalized interest | 210 | 235 | 134 | 88 | 62 | 15 | 6 | 62 | |||||||||||||||||||||
Less | |||||||||||||||||||||||||||||
Interest capitalized | (210 | ) | (78 | ) | (115 | ) | (70 | ) | — | — | — | — | |||||||||||||||||
Adjusted “earnings” | $ | 97,436 | $ | (91,169 | ) | $ | 101,717 | $ | 160,716 | $ | 204,122 | $ | 28,179 | $ | 54,230 | $ | 193,333 | ||||||||||||
Fixed charges: | |||||||||||||||||||||||||||||
Interest expense on debt | $ | 142,853 | $ | 120,578 | $ | 106,602 | $ | 105,400 | $ | 96,936 | $ | 24,171 | $ | 27,822 | $ | 114,077 | |||||||||||||
Interest capitalized | 210 | 78 | 115 | 70 | — | — | — | — | |||||||||||||||||||||
One-third of rental expense for all operating leases (b) | 26,159 | 25,271 | 24,029 | 25,129 | 23,522 | 6,050 | 6,264 | 23,522 | |||||||||||||||||||||
Total fixed charges | $ | 169,222 | $ | 145,927 | $ | 130,746 | $ | 130,599 | $ | 120,458 | $ | 30,221 | $ | 34,086 | $ | 137,599 | |||||||||||||
Ratio of earnings to fixed charges (unaudited) | 0.58 | (0.62 | ) | 0.78 | 1.23 | 1.69 | 0.93 | 1.59 | 1.41 | ||||||||||||||||||||
(a) | Earnings consists of income (loss) from continuing operations before income taxes less income from equity investments less net income (loss) attributable to noncontrolling interests |
(b) | Considered to be representative of the interest factor in rental expense |