Exhibit 12.1
VITAMIN SHOPPE, INC.
Computation of the Ratio of Earnings to Fixed Charges
and to Combined Fixed Charges and Preferred Stock Dividends
(In thousands)
| Nine Months Ended | Fiscal | |||||||||||||||||||||||
| September 25, 2010 | December 26, 2009 | December 27, 2008 | December 29, 2007 | December 30, 2006 | December 31, 2005 | |||||||||||||||||||
Income (loss) before provision for income taxes | $ | 38,582 | $ | 20,680 | $ | 14,508 | $ | 10,572 | $ | 7,904 | $ | (13,052 | ) | |||||||||||
Plus: fixed charges (see components below) | 25,653 | 40,419 | 39,805 | 38,560 | 36,302 | 32,026 | ||||||||||||||||||
| $ | 64,235 | $ | 61,099 | $ | 54,313 | $ | 49,132 | $ | 44,206 | $ | 18,974 | |||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Rent (1) | $ | 17,958 | $ | 21,740 | $ | 18,552 | $ | 16,220 | $ | 14,141 | $ | 12,431 | ||||||||||||
Interest expense (2) | 7,695 | 18,679 | 21,253 | 22,340 | 22,161 | 19,595 | ||||||||||||||||||
Fixed charges | 25,653 | 40,419 | 39,805 | 38,560 | 36,302 | 32,026 | ||||||||||||||||||
Preferred stock dividends, pre-tax basis | — | 12,820 | 15,465 | 15,175 | 14,020 | 12,952 | ||||||||||||||||||
Combined fixed charges and preffered stock dividends | $ | 25,653 | $ | 53,239 | $ | 55,270 | $ | 53,735 | $ | 50,322 | $ | 44,977 | ||||||||||||
Ratio of earnings to fixed charges (3) | 2.5x | 1.5x | 1.4x | 1.3 x | 1.2 x | — x | ||||||||||||||||||
Ratio of earnings to fixed charges and preferred dividends (4) | 2.5x | 1.1x | 1.0x | — x | — x | — x | ||||||||||||||||||
| (1) | The portion of rent expense representing interest is estimated to be 33% of the rent expense for purposes of calculating the ratio of earnings to fixed charges. |
| (2) | Interest expense, consists of interest expense, amortization of debt discount and amortization of deferred financing fees. |
| (3) | For the fiscal year ended December 31, 2005 our earnings were insufficient to cover fixed charges by $13.1 million. |
| (4) | For the fiscal years ended December 29, 2007, December 30, 2006 and December 31, 2005, our earnings were insufficient to cover combined fixed charges and preferred stock dividends by approximately $4.6 million, $6.1 million, and $26.0 million, respectively. |
