Exhibit 12.1
Ralcorp Holdings, Inc.
Computation of Ratio of Earnings to Fixed Charges
(In millions except ratios)
Six Months Ended | ||||||||||||||||||||||||
Year Ended September 30, | March 31, | |||||||||||||||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | 2010 | |||||||||||||||||||
Earnings before Income Taxes and Equity Earnings | $ | 103.5 | $ | 91.2 | $ | 30.5 | $ | 240.5 | $ | 437.5 | $ | 179.4 | ||||||||||||
Plus (Less): | ||||||||||||||||||||||||
Fixed Charges | 21.3 | 33.2 | 49.4 | 60.6 | 107.2 | 57.0 | ||||||||||||||||||
Amortization of Capitalized Interest* | 0.8 | 0.8 | 0.7 | 0.6 | 1.0 | 2.2 | ||||||||||||||||||
Capitalized Interest | (0.8 | ) | (0.8 | ) | (0.7 | ) | (0.6 | ) | (1.0 | ) | (2.2 | ) | ||||||||||||
Earnings Available to Cover Fixed Charges | $ | 124.8 | $ | 124.4 | $ | 79.9 | $ | 301.1 | $ | 544.7 | $ | 236.4 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest Expense, Net of Capitalized Interest | $ | 16.5 | $ | 28.1 | $ | 42.3 | $ | 54.6 | $ | 99.0 | $ | 50.4 | ||||||||||||
Capitalized Interest | 0.8 | 0.8 | 0.7 | 0.6 | 1.0 | 2.2 | ||||||||||||||||||
Capitalized Expenses Related to Indebtedness | 0.2 | 0.6 | 0.2 | 0.4 | 1.0 | 0.9 | ||||||||||||||||||
Interest Portion of Rental Expense** | 3.8 | 3.7 | 6.2 | 5.0 | 6.3 | 3.4 | ||||||||||||||||||
Total Fixed Charges | $ | 21.3 | $ | 33.2 | $ | 49.4 | $ | 60.6 | $ | 107.2 | $ | 57.0 | ||||||||||||
Ratio of Earnings to Fixed Charges | 5.9x | 3.7x | 1.6x | 5x | 5.1x | 4.1x |
* | Amortization of Capitalized Interest is estimated to be same as current period Capitalized Interest | |
** | Interest Portion of Rental Expense is estimated as one-third of total rental expense |