EXHIBIT 12.1
CDW CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
| Year ended December 31, | Nine months ended September 30 | |||||||||||||||||||||||
| (dollars in millions) | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | ||||||||||||||||||
Computation of earnings: | ||||||||||||||||||||||||
Income (loss) before income taxes and adjustment for (income) loss from equity investees | $ | 28.3 | $ | 185.8 | $ | 194.9 | $ | 385.5 | $ | 657.2 | $ | 508.7 | ||||||||||||
Distributed income from equity investees | 0.5 | 1.2 | 1.0 | 1.1 | 1.0 | 1.0 | ||||||||||||||||||
Fixed charges | 324.9 | 312.4 | 254.3 | 202.8 | 164.5 | 118.3 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total earnings | $ | 353.7 | $ | 499.4 | $ | 450.2 | $ | 589.4 | $ | 822.7 | $ | 628.0 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Computation of fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 302.0 | $ | 294.4 | $ | 241.8 | $ | 191.3 | $ | 153.5 | $ | 109.6 | ||||||||||||
Amortization of deferred financing costs and debt premium | 15.7 | 13.6 | 8.8 | 6.4 | 6.4 | 4.8 | ||||||||||||||||||
Portion of rent expense representative of interest(1) | 7.2 | 4.4 | 3.7 | 5.1 | 4.6 | 4.0 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges | $ | 324.9 | $ | 312.4 | $ | 254.3 | $ | 202.8 | $ | 164.5 | $ | 118.4 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of earnings to fixed charges | 1.1 | 1.6 | 1.8 | 2.9 | 5.0 | 5.3 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| (1) | Fixed charges include a reasonable estimation of the interest factor included in rental expense. |