EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
|
|
|
|
|
|
|
|
|
|
|
| Six |
| ||||||
|
| Year Ended |
| Months |
| ||||||||||||||
|
| December 31, |
| December 30, |
| December 29, |
| December 28, |
| December 26, |
| June 26, |
| ||||||
|
| 2004 |
| 2005 |
| 2006 |
| 2007 |
| 2008 |
| 2009 |
| ||||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income before income taxes |
| $ | 29,718 |
| $ | 47,134 |
| $ | 50,680 |
| $ | 83,422 |
| $ | 65,458 |
| $ | 15,244 |
|
Fixed charges (from below) |
| 37,017 |
| 31,146 |
| 38,901 |
| 43,711 |
| 38,318 |
| 15,692 |
| ||||||
Total earnings |
| $ | 66,735 |
| $ | 78,280 |
| $ | 89,581 |
| $ | 127,133 |
| $ | 103,776 |
| $ | 30,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense |
| $ | 31,701 |
| $ | 25,419 |
| $ | 31,367 |
| $ | 33,923 |
| $ | 28,482 |
| $ | 10,096 |
|
Interest in rent expense estimated at 30% of rent expense |
| 5,316 |
| 5,727 |
| 7,534 |
| 9,788 |
| 9,836 |
| 5,596 |
| ||||||
Total fixed charges(1) |
| $ | 37,017 |
| $ | 31,146 |
| $ | 38,901 |
| $ | 43,711 |
| $ | 38,318 |
| $ | 15,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Ratio of Earnings to Fixed Charges |
| 1.8 |
| 2.5 |
| 2.3 |
| 2.9 |
| 2.7 |
| 2.0 |
| ||||||
(1) Preferred security dividends of Interline New Jersey are excluded from fixed charges prior to December 21, 2004, as such amounts were not the obligation of a consolidated subsidiary, and are excluded from fixed charges from December 21, 2004 as preferred stock was held solely by corporate parent.
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
|
|
|
|
|
|
|
|
|
|
|
| Six |
| ||||||
|
| Year Ended |
| Months |
| ||||||||||||||
|
| December 31, |
| December 30, |
| December 29, |
| December 28, |
| December 26, |
| June 26, |
| ||||||
|
| 2004 |
| 2005 |
| 2006 |
| 2007 |
| 2008 |
| 2009 |
| ||||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income before income taxes |
| $ | 29,718 |
| $ | 47,134 |
| $ | 50,680 |
| $ | 83,422 |
| $ | 65,458 |
| $ | 15,244 |
|
Fixed charges (from below) |
| 37,017 |
| 31,146 |
| 38,901 |
| 43,711 |
| 38,318 |
| 15,692 |
| ||||||
Total earnings |
| $ | 66,735 |
| $ | 78,280 |
| $ | 89,581 |
| $ | 127,133 |
| $ | 103,776 |
| $ | 30,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense |
| $ | 31,701 |
| $ | 25,419 |
| $ | 31,367 |
| $ | 33,923 |
| $ | 28,482 |
| $ | 10,096 |
|
Interest in rent expense estimated at 30% of rent expense |
| 5,316 |
| 5,727 |
| 7,534 |
| 9,788 |
| 9,836 |
| 5,596 |
| ||||||
Total fixed charges(1) |
| $ | 37,017 |
| $ | 31,146 |
| $ | 38,901 |
| $ | 43,711 |
| $ | 38,318 |
| $ | 15,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Preferred dividends (calculated below) |
| $ | 33,128 |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total combined fixed charges and preferred dividends |
| $ | 70,146 |
| $ | 31,146 |
| $ | 38,901 |
| $ | 43,711 |
| $ | 38,318 |
| $ | 15,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends |
| 1.0 |
| 2.5 |
| 2.3 |
| 2.9 |
| 2.7 |
| 2.0 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Deficiency (Surplus) |
| $ | 3,410 |
| $ | (47,134 | ) | $ | (50,680 | ) | $ | (83,422 | ) | $ | (65,458 | ) | $ | (15,244 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Preferred Dividends: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Preferred dividend amount(2) |
| $ | 54,389 |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
Tax rate |
| 39.1 | % | 38.9 | % | 38.5 | % | 38.9 | % | 37.6 | % | 38.7 | % | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Preferred dividends |
| $ | 33,128 |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
(1) Preferred security dividends of Interline New Jersey are excluded from fixed charges prior to December 21, 2004, as such amounts were not the obligation of a consolidated subsidiary, and are excluded from fixed charges from December 21, 2004 as preferred stock was held solely by corporate parent.
(2) Preferred dividend amount for 2004 excludes the period from December 21, 2004.
