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Computation of Ratio of Earnings to Fixed Charges
| | Years Ended | Six Months Ended | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 12/31/2006 | 12/31/2007 | 12/28/2008 | 12/27/2009 | 12/26/2010 | 6/26/2011 | |||||||||||||
Income (loss) from continuing operations from Form 10-K December 26, 2010 and Form 10-Q June 26, 2011 | (41.2 | ) | (27.2 | ) | (104.0 | ) | (38.3 | ) | 14.6 | (9.1 | ) | ||||||||
Add back: | |||||||||||||||||||
Income taxes | 14.5 | 1.3 | (0.7 | ) | 1.0 | (12.7 | ) | (0.3 | ) | ||||||||||
Pretax income/(loss) from continuing operations | (26.7 | ) | (25.9 | ) | (104.7 | ) | (37.3 | ) | 1.9 | (9.4 | ) | ||||||||
Fixed Charges(1) | |||||||||||||||||||
Interest expense | 1.9 | 1.6 | 10.4 | 10.6 | 22.4 | 19.8 | |||||||||||||
Interest component of rent expense—estimated | 1.3 | 1.4 | 2.1 | 2.4 | 2.3 | 1.4 | |||||||||||||
Interest expense—discontinued operations | 0.0 | 2.2 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||
Total fixed charges | 3.2 | 5.2 | 12.5 | 13.0 | 24.7 | 21.2 | |||||||||||||
Earning plus fixed charges | (23.5 | ) | (20.7 | ) | (92.2 | ) | (24.3 | ) | 26.6 | 11.8 | |||||||||
Ratio of earnings to fixed charges | — | (2) | — | (2) | — | (2) | — | (2) | 1.1 | — | (2) | ||||||||
- (1)
- Fixed charges consist of interest expense, which includes amortization of deferred finance charges on our credit facility and interest expense on our lease obligations. The interest component of rent was estimated to be one-third of net rental expense, which we believe is representative of the interest factor.
- (2)
- Due to the losses for the years ended December 31, 2006, December 31, 2007, December 28, 2008, December 27, 2009, and six months ended June 26, 2011, the coverage ratio was less than 1:1 for these periods. we would have had to generate additional earnings of $26.7 million for the year ended December 31, 2006, $25.9 million for the year ended December 31, 2007, $104.7 million for the year ended December 28, 2008, $37.3 for the year ended December 27, 2009, and $9.4 million for the six months ended June 26, 2011 to have achieved a coverage ratio of 1:1.
Computation of Ratio of Earnings to Fixed Charges