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EXHIBIT 12.1
CDW CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
(unaudited)
Years ended December 31, | |||||||||||||||||||
(dollars in millions) | 2010 | 2011 | 2012 | 2013 | 2014 | ||||||||||||||
Computation of earnings: | |||||||||||||||||||
Income (loss) before income taxes and adjustment for (income) loss from equity investees | $ | (37.1 | ) | $ | 28.3 | $ | 185.8 | $ | 194.9 | $ | 385.5 | ||||||||
Distributed income from equity investees | 0.2 | 0.5 | 1.2 | 1.0 | 1.1 | ||||||||||||||
Fixed charges | 420.7 | 324.9 | 312.4 | 254.3 | 202.8 | ||||||||||||||
Total earnings | $ | 383.8 | $ | 353.7 | $ | 499.4 | $ | 450.2 | $ | 589.4 | |||||||||
Computation of fixed charges: | |||||||||||||||||||
Interest expense | $ | 394.7 | $ | 302.0 | $ | 294.4 | $ | 241.8 | $ | 191.3 | |||||||||
Amortization of deferred financing costs and debt premium | 18.0 | 15.7 | 13.6 | 8.8 | 6.4 | ||||||||||||||
Portion of rent expense representative of interest (1) | 8.0 | 7.2 | 4.4 | 3.7 | 5.1 | ||||||||||||||
Total fixed charges | $ | 420.7 | $ | 324.9 | $ | 312.4 | $ | 254.3 | $ | 202.8 | |||||||||
Ratio of earnings to fixed charges | (2 | ) | 1.1 | 1.6 | 1.8 | 2.9 |
(1) | Fixed charges include a reasonable estimation of the interest factor included in rental expense. |
(2) | For the year ended December 31, 2010, earnings available for fixed charges were inadequate to cover fixed charges by $37.0 million. |