Carrabba's/Kansas Two-I, Limited Partnership Inactive
Filed: 29 May 08, 12:00am
Exhibit 12
Ratio of Earnings to Fixed Charges:
Our ratio of earnings to fixed charges for each of the periods indicated (dollars in thousands):
| Supplemental pro forma year ended December 31, 2007 | Predecessor | |||||||||||||||||||||||||||||||||||
| Successor | Predecessor | Successor | Predecessor | Fiscal Year | ||||||||||||||||||||||||||||||||
| Three months ended March 31, 2008 | Three months ended March 31, 2007 | Period from June 15 to December 31, 2007 | Period from January 1 to June 14, 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||||||||||||||
Interest expense | $ | 47,827 | $ | 3,404 | $ | 98,722 | $ | 6,212 | $ | 176,420 | $ | 14,804 | $ | 6,848 | $ | 3,629 | $ | 1,810 | ||||||||||||||||||
Capitalized interest | 276 | 147 | 900 | 294 | 1,662 | 567 | 378 | 206 | 202 | |||||||||||||||||||||||||||
Amortization of debt issuance costs | 2,789 | 73 | 5,879 | 207 | 8,867 | 416 | 273 | 261 | 154 | |||||||||||||||||||||||||||
Interest factor attributable to rental expense | 17,269 | 8,874 | 37,971 | 18,269 | 68,600 | 37,329 | 31,723 | 26,444 | 20,914 | |||||||||||||||||||||||||||
Total fixed charges | $ | 68,161 | $ | 12,498 | $ | 143,472 | $ | 24,982 | $ | 255,549 | $ | 53,116 | $ | 39,222 | $ | 30,540 | $ | 23,080 | ||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||||||||||
Pre-tax (loss) income before income (loss) from minority partners and income (loss) from equity investees | $ | (26,446 | ) | 43,715 | $ | (87,588 | ) | $ | 18,182 | $ | (137,279 | ) | $ | 148,742 | $ | 220,266 | $ | 237,648 | $ | 245,920 | ||||||||||||||||
Add: fixed charges | 68,161 | 12,498 | 143,472 | 24,982 | $ | 255,549 | 53,116 | 39,222 | 30,540 | 23,080 | ||||||||||||||||||||||||||
Add: amortization of capitalized interest | 80 | 111 | 150 | 202 | 277 | 419 | 386 | 375 | 399 | |||||||||||||||||||||||||||
Add: distributed income of equity investees | — | — | 112 | 86 | 207 | — | — | 121 | 1,830 | |||||||||||||||||||||||||||
Deduct: interest capitalized | (276 | ) | (147 | ) | (900 | ) | (294 | ) | (1,662 | ) | (567 | ) | (378 | ) | (206 | ) | (202 | ) | ||||||||||||||||||
Total earnings | $ | 41,519 | 56,177 | $ | 55,246 | $ | 43,158 | $ | 117,092 | $ | 201,710 | $ | 259,496 | $ | 268,478 | $ | 271,027 | |||||||||||||||||||
Ratio of earnings to fixed charges (1) | — | 4.5 | — | 1.7 | — | 3.8 | 6.6 | 8.8 | 11.7 | |||||||||||||||||||||||||||
| (1) | The ratio of earnings to fixed charges is computed by dividing earnings to fixed charges. For purposes of calculating the ratio of earnings to fixed charges, earnings represents pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries and before income (loss) from equity investees, plus fixed charges and amortization of capitalized interest, less capitalized interest. Fixed charges include: (i) interest expense, whether expensed or capitalized; (ii) amortization of debt issuance cost; and (iii) the portion of rental expense that we believe is representative of the interest component of rental expense. For the three months ended March 31, 2008, the period from June 15 to December 31, 2007 and for the supplemental pro forma year ended December 31, 2007, earnings were insufficient to cover fixed charges by approximately $26.6 million, $88.2 million and $138.5 million, respectively. The Company accounts for interest and penalties related to uncertain tax positions as part of its (benefit) provision for income taxes, and therefore, these charges are not included as a component of interest expense within fixed charges. |