Exhibit 12.1
TOPS HOLDING CORPORATION
Ratio of Earnings to Fixed Charges
The following table sets forth our ratio of consolidated earnings to consolidated fixed charges for the 28-week periods ended July 17, 2010 and July 11, 2009, and for Fiscal 2009, Fiscal 2008, the Fiscal 2007 Successor Period, the Fiscal 2007 Predecessor Period and Fiscal 2006 (in thousands, except ratio data).
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| Tops Holding Corporation |
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| Tops Markets, LLC |
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| Fiscal |
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| 2007 |
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| Fiscal 2007 |
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| 28-Week Periods Ended |
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| Successor |
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| Predecessor |
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| July 17, |
| July 11, |
| Fiscal 2009 |
| Fiscal 2008 |
| Period |
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| Period |
| Fiscal |
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| 2010 |
| 2009 |
| (53 weeks) |
| (52 weeks) |
| (4 weeks) |
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| (48 weeks)(1) |
| 2006(1) |
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Earnings: |
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Pre-tax (loss) income |
| $ | (10,080 | ) | $ | (657 | ) | $ | (20,308 | ) | $ | (17,160 | ) | $ | 1,979 |
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| $ | (54,777 | ) | $ | (25,769 | ) |
Plus: |
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Fixed charges |
| 37,179 |
| 25,136 |
| 50,838 |
| 48,285 |
| 3,202 |
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| 50,781 |
| 38,272 |
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Amortization of capitalized interest |
| 154 |
| 154 |
| 269 |
| 175 |
| 13 |
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| 29 |
| 32 |
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Less: |
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Interest capitalized |
| — |
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| 507 |
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Total available earnings |
| $ | 27,253 |
| $ | 24,633 |
| $ | 30,799 |
| $ | 30,793 |
| $ | 5,194 |
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| $ | (3,967 | ) | $ | 12,535 |
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Fixed Charges: |
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Interest expensed |
| $ | 30,993 |
| $ | 21,264 |
| $ | 42,970 |
| $ | 40,503 |
| $ | 2,763 |
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| $ | 46,883 |
| $ | 34,510 |
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Interest capitalized |
| — |
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| 507 |
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Amortization of discounts/ capitalized costs |
| 1,401 |
| 638 |
| 1,466 |
| 1,401 |
| 76 |
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| 4 |
| — |
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Interest in rental expenses |
| 4,785 |
| 3,234 |
| 6,402 |
| 5,874 |
| 363 |
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| 3,894 |
| 3,762 |
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Total fixed charges: |
| $ | 37,179 |
| $ | 25,136 |
| $ | 50,838 |
| $ | 48,285 |
| $ | 3,202 |
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| $ | 50,781 |
| $ | 38,272 |
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Deficiency |
| $ | (9,926 | ) | $ | (503 | ) | $ | (20,039 | ) | $ | (17,492 | ) |
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| $ | (54,748 | ) | $ | (25,737 | ) | |
Ratio of earnings to fixed charges |
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| (B) |
| (C) |
| (D) |
| 1.62 |
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| (E) |
| (F) |
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(A) Due to registrant’s loss in the 28-week period ended July 17, 2010, the ratio coverage was less than 1:1. The registrant must generate additional earnings of $9,926 to achieve a coverage ratio of 1:1.
(B) Due to registrant’s loss in the 28-week period ended July 11, 2009, the ratio coverage was less than 1:1. The registrant must generate additional earnings of $503 to achieve a coverage ratio of 1:1.
(C) Due to the registrant’s loss in Fiscal 2009, the ratio coverage was less than 1:1. The registrant must generate additional earnings of $20,039 to achieve a coverage ratio of 1:1.
(D) Due to the registrant’s loss in Fiscal 2008, the ratio coverage was less than 1:1. The registrant must generate additional earnings of $17,492 to achieve a coverage ratio of 1:1.
(E) Due to the registrant’s loss in the Fiscal 2007 Predecessor Period, the ratio coverage was less than 1:1. The registrant must generate additional earnings of $54,748 to achieve a coverage ratio of 1:1.
(F) Due to the registrant’s loss in Fiscal 2006, the ratio coverage was less than 1:1. The registrant must generate additional earnings of $25,737 to achieve a coverage ratio of 1:1.
(1) The operating results during these periods represent those of Tops Markets, LLC under the ownership of Koninklijke Ahold N.V.
