Exhibit 12.1
EXHIBIT 12—STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Susser Holdings Corporation
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
December 28, 2003 | January 2, 2005 | January 1, 2006 | December 30, 2006 | December 31, 2007 | ||||||||||
Earnings: | ||||||||||||||
Consolidated pretax income (loss) from continuing operations | 2,667 | 6,047 | (20,642 | ) | (3,698 | ) | 10,499 | |||||||
Minority interest in income of consolidated subsidiaries | 65 | 64 | 76 | 61 | 42 | |||||||||
Loss (income) on equity investments | — | (55 | ) | — | (442 | ) | (512 | ) | ||||||
Fixed charges | 19,120 | 18,742 | 22,104 | 31,808 | 25,576 | |||||||||
Capitalized interest | — | — | (275 | ) | (346 | ) | (550 | ) | ||||||
Amortization of capitalized interest | 4 | 4 | 11 | 9 | 31 | |||||||||
Total earnings available for fixed charges | 21,856 | 24,802 | 1,274 | 27,392 | 35,086 | |||||||||
Fixed Charges: | ||||||||||||||
Interest expense | 16,035 | 15,615 | 18,397 | 23,426 | 16,372 | |||||||||
Capitalized interest | — | — | 275 | 346 | 550 | |||||||||
Estimated interest portion of rent expense | 2,743 | 2,748 | 3,093 | 7,207 | 8,201 | |||||||||
Amortization of debt issue costs | 342 | 379 | 339 | 829 | 453 | |||||||||
Total fixed charges | 19,120 | 18,742 | 22,104 | 31,808 | 25,576 | |||||||||
Ratio of earnings to fixed charges | 1.14 | 1.32 | (a | ) | (a | ) | 1.37 |
Notes:
(a) | Earnings for the years ended January 1, 2006 and December 30, 2006 were inadequate to cover fixed charges. The deficiency was $20.8 million and $4.4 million for the respective periods. Included in the fiscal 2005 results is $17.3 million of compensation expense recognized for options redeemed related to the December 2005 transactions. |