Exhibit 12.1
TWI Holdings Inc
Ratio of Earnings To Fixed Charges (unaudited)
Pre-Predecessor | Predecessor | TWI Holdings | TWI Holdings | Combined | TWI Holdings | ||||||||||||||||
(a) | (a) | (a) | (b) | (b) | |||||||||||||||||
Twelve Months Ended April 30, 1998 | Twelve Months Ended April 30, 1999 | Eight Months ended December 31, 1999 | Twelve Months Ended December 31, 2000 | Twelve Months Ended December 31, 2001 | Period October 31, | Period from December 31, | Nine Months Ended September 30, 2003 | Proforma As Adjusted Twelve Months Ended December 30, 2002 | Proforma As Adjusted Nine Months Ended September 30, 2003 | ||||||||||||
FIXED CHARGES: | |||||||||||||||||||||
Interest Expense | — | — | — | 4,626,238 | 6,952,564 | 6,604,562 | 3,046,460 | 11,413,846 | 22,375,022 | 19,795,846 | |||||||||||
Interest Portion of Rental Expense (c) | — | — | — | 70,193 | 44,987 | 105,365 | 4,358 | 168,219 | 155,477 | 168,219 | |||||||||||
Amortization of debt issue costs and | |||||||||||||||||||||
Discount or Premium Relating to Indebtedness | — | — | — | — | 159,073 | 1,115,608 | 370,969 | 2,758,484 | 2,927,577 | 3,692,484 | |||||||||||
TOTAL FIXED CHARGES | — | — | — | 4,696,431 | 7,156,624 | 7,825,535 | 3,421,787 | 14,340,549 | 25,458,076 | 23,658,549 | |||||||||||
EARNINGS: | |||||||||||||||||||||
Income From Continuing Operation | |||||||||||||||||||||
Before Income Taxes | — | — | — | 19,265,000 | 23,500,000 | 32,377,000 | (1,965,000 | ) | 47,301,405 | 16,247,000 | 37,985,405 | ||||||||||
Fixed charges | — | — | — | 4,696,431 | 7,156,624 | 7,825,535 | 3,421,787 | 14,340,549 | 25,458,076 | 23,656,549 | |||||||||||
TOTAL | — | — | — | 23,961,431 | 30,656,624 | 40,202,535 | 1,456,787 | 61,641,954 | 41,705,076 | 61,641,954 | |||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | — | — | — | 5.10 | 4.28 | 5.14 | 0.43 | 4.30 | 1.64 | 2.61 |
(a) | The pre-predecessor consolidated information is unavailable for these periods. |
(b) | To give effect to the reduction in interest expense due to refinancing. |
(c) | Interest portion of rental expense is based upon an average imputed interest rate of 11.1% within the Company’s operating leases. |