Exhibit 12.1
STATER BROS. HOLDINGS INC.
Computation of Ratio of Earnings to Fixed Charges(1)
Fiscal Year Ended | 26 Weeks Ended | |||||||||||||||||||||||
Sept. 29, 2002(2) | Sept. 28 2003(2) | Sept. 26, 2004(2) | Sept. 25, 2005 | Sept. 24 2006 | March 25, 2007 | |||||||||||||||||||
(Dollar amounts in thousands) | (Unaudited) | |||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before income taxes | $ | 18,510 | $ | 15,946 | $ | 111,140 | $ | 39,908 | $ | 44,011 | $ | 39,222 | ||||||||||||
Amortization of capitalized interest | 341 | 352 | 302 | 251 | 219 | 117 | ||||||||||||||||||
Interest | 53,086 | 52,524 | 78,790 | 55,211 | 58,476 | 29,953 | ||||||||||||||||||
Less interest capitalized during the period | (144 | ) | (144 | ) | (323 | ) | (1,111 | ) | (4,276 | ) | (3,448 | ) | ||||||||||||
Net amortization of debt discount and premium and issuance expense | 3,158 | 3,158 | 11,321 | 3,042 | 3,038 | 1,529 | ||||||||||||||||||
Interest portion of rental expense | 21,848 | 22,740 | 23,979 | 25,461 | 23,681 | 10,604 | ||||||||||||||||||
Earnings as adjusted | $ | 96,799 | $ | 94,576 | $ | 225,209 | $ | 122,762 | $ | 125,149 | $ | 77,977 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest | $ | 53,086 | $ | 52,524 | $ | 78,790 | $ | 55,211 | $ | 58,476 | $ | 29,953 | ||||||||||||
Net amortization of debt discount and premium and issuance expense | 3,158 | 3,158 | 11,321 | 3,042 | 3,038 | 1,529 | ||||||||||||||||||
Interest portion of rental expense | 21,848 | 22,740 | 23,979 | 25,461 | 23,681 | 10,604 | ||||||||||||||||||
Fixed charges | $ | 78,092 | $ | 78,422 | $ | 114,090 | $ | 83,714 | $ | 85,195 | $ | 42,086 | ||||||||||||
Ratio of Earnings to Fixed Charges | 1.24 | 1.21 | 1.97 | 1.47 | 1.47 | 1.85 | ||||||||||||||||||
(1) | For the purpose of determining the ratio of earnings to fixed charges, earnings consist of the sum of (a) income before income taxes, (b) fixed charges and (c) amortization of previously capitalized interest minus (d) interest capitalized in the current period. Fixed charges consist of the sum of (a) interest expense (whether expensed or capitalized), (b) amortization of debt issuance costs and (c) such portion of rental expense as can be deemed by management to be representative of the interest factor in the particular case. |
(2) | Includes the Company’s 50% share of Santee. For fiscal 2004, includes the Company’s 50% share of Santee through February 6, 2004. Santee has been consolidated into the Company’s consolidated results since that date. |