BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES
2008 Annual Report on Form 10-K
EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
Fiscal Year Ended | ||||||||||||||||||||
June 29, 2008 | Restated July 1, 2007 | Restated July 2, 2006 | Restated July 3, 2005 | Restated June 27, 2004 | ||||||||||||||||
Earnings | ||||||||||||||||||||
Income before income taxes | $ | 29,609 | $ | 3,302 | $ | 158,514 | $ | 180,415 | $ | 208,937 | ||||||||||
Less: Equity income from equity investees | (3,588 | ) | (3,303 | ) | (4,174 | ) | (5,336 | ) | (7,876 | ) | ||||||||||
Add: Fixed charges | 41,337 | 46,592 | 45,248 | 39,232 | 42,166 | |||||||||||||||
Distributed income of equity investees | 2,800 | 4,879 | 4,633 | 5,967 | 4,392 | |||||||||||||||
Earnings as defined | $ | 70,158 | $ | 51,470 | $ | 204,221 | $ | 214,178 | $ | 243,686 | ||||||||||
Fixed Charges | ||||||||||||||||||||
Interest expense | $ | 37,554 | $ | 42,932 | $ | 40,085 | $ | 34,929 | $ | 35,694 | ||||||||||
Amortization of discounts related to indebtedness | 569 | 759 | 829 | 758 | 758 | |||||||||||||||
Imputed interest on deferred revenue | — | — | 1,177 | 1,196 | 1,213 | |||||||||||||||
Interest expense as reported | 38,123 | 43,691 | 42,091 | 36,883 | 37,665 | |||||||||||||||
Amortization of deferred financing fees | 1,414 | 1,173 | 1,708 | 1,233 | 3,778 | |||||||||||||||
Portion of rent expense relating to interest | 1,800 | 1,728 | 1,449 | 1,116 | 723 | |||||||||||||||
Fixed charges as defined | $ | 41,337 | $ | 46,592 | $ | 45,248 | $ | 39,232 | $ | 42,166 | ||||||||||
Ratio of earnings to fixed charges | 1.7 | x | 1.1 | x | 4.5 | x | 5.5 | x | 5.8 | x | ||||||||||