EXHIBIT 12.1
CDW CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
| Year ended December 31, | Three months ended March 31, | |||||||||||||||||||||||||||
| (dollars in millions) | 2009 | 2010 | 2011 | 2012 | 2013 | 2013 | 2014 | |||||||||||||||||||||
Computation of earnings: | ||||||||||||||||||||||||||||
Income (loss) before income taxes and adjustment for (income) loss from equity investees | $ | (461.2 | ) | $ | (37.1 | ) | $ | 28.3 | $ | 185.8 | $ | 194.9 | $ | 44.4 | $ | 80.5 | ||||||||||||
Distributed income from equity investees | — | 0.2 | 0.5 | 1.2 | 1.0 | 0.5 | 0.5 | |||||||||||||||||||||
Fixed charges | 413.1 | 420.7 | 324.9 | 312.4 | 254.3 | 73.2 | 51.2 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total earnings | $ | (48.1 | ) | $ | 383.8 | $ | 353.7 | $ | 499.4 | $ | 450.2 | $ | 118.1 | $ | 132.2 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Computation of fixed charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 389.3 | $ | 394.7 | $ | 302.0 | $ | 294.4 | $ | 241.8 | $ | 69.2 | $ | 48.6 | ||||||||||||||
Amortization of deferred financing costs and debt premium | 16.2 | 18.0 | 15.7 | 13.6 | 8.8 | 3.0 | 1.6 | |||||||||||||||||||||
Portion of rent expense representative of interest(1) | 7.6 | 8.0 | 7.2 | 4.4 | 3.7 | 1.0 | 1.0 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total fixed charges | $ | 413.1 | $ | 420.7 | $ | 324.9 | $ | 312.4 | $ | 254.3 | $ | 73.2 | $ | 51.2 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Ratio of earnings to fixed charges | (2) | (2) | 1.1 | 1.6 | 1.8 | 1.6 | 2.6 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
| (1) | Fixed charges include a reasonable estimation of the interest factor included in rental expense. |
| (2) | For the years ended December 31, 2009 and 2010, earnings available for fixed charges were inadequate to cover fixed charges by $461.2 million and $37.0 million, respectively. |