Exhibit 12.1
CARROLS HOLDINGS CORPORATION AND SUBSIDIARY
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
| Fiscal Year Ended December 31, | Three Months Ended March 31, | ||||||||||||||||||||||
| 1999 | 2000 | 2001 | 2002 | 2003 | 2003 | 2004 | |||||||||||||||||
Earnings: | |||||||||||||||||||||||
Income (loss) before income taxes | $ | 2,204 | $ | 6,103 | $ | (5,800 | ) | $ | 15,307 | $ | 4,123 | $ | (2,210 | ) | $ | 597 | |||||||
Add fixed charges: | |||||||||||||||||||||||
Interest expense including amortization of deferred financing costs | 27,654 | 29,487 | 41,861 | 36,271 | 33,687 | 8,686 | 7,909 | ||||||||||||||||
Portion of rents representative of the interest factor | 8,089 | 8,062 | 10,402 | 10,165 | 10,461 | 2,606 | 2,855 | ||||||||||||||||
Total earnings | $ | 37,947 | $ | 43,652 | $ | 46,463 | $ | 61,743 | $ | 48,271 | $ | 9,082 | $ | 11,361 | |||||||||
Fixed charges: | |||||||||||||||||||||||
Interest expense, including amortization of deferred financing costs | $ | 27,654 | $ | 29,487 | $ | 41,861 | $ | 36,271 | $ | 33,687 | $ | 8,686 | $ | 7,909 | |||||||||
Portion of rents representative of the interest factor | 8,089 | 8,062 | 10,402 | 10,165 | 10,461 | 2,606 | 2,855 | ||||||||||||||||
Total fixed charges | $ | 35,743 | $ | 37,549 | $ | 52,263 | $ | 46,436 | $ | 44,148 | $ | 11,292 | $ | 10,764 | |||||||||
Ratio of earnings to fixed | 1.06x | 1.16x | — | 1.33x | 1.09x | — | 1.06x | ||||||||||||||||
| (1) | For purposes of determining the ratio of earnings to fixed charges, earnings are defined as income (loss) before income taxes plus fixed charges. Fixed charges include interest expense on all indebtedness, amortization of deferred financing costs and one-third of rental expense on operating leases, representing that portion of rental expense deemed to be attributable to interest. For the year ended December 31, 2001 and for the three months ended March 31, 2003, earnings were inadequate to cover fixed charges by $5,800 and $2,210, respectively. |