Exhibit 12.1
DineEquity, Inc.
RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, | ||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
| (in thousands) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | (12,080 | ) | $ | 36,584 | $ | (188,157 | ) | $ | (2,705 | ) | $ | 72,850 | |||||||
Plus: Fixed charges | 239,251 | 265,746 | 278,465 | 75,331 | 53,037 | |||||||||||||||
Plus: Amortization of capitalized interest (a) | — | — | — | — | — | |||||||||||||||
Less: Interest capitalized (a) | — | — | — | — | — | |||||||||||||||
Less: Preference security dividends | (16,031 | ) | (25,417 | ) | (17,940 | ) | (960 | ) | — | |||||||||||
Total earnings | $ | 211,140 | $ | 276,913 | $ | 72,368 | $ | 71,666 | $ | 125,887 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Total interest expense, including amortization of debt discount and issuance costs (d) | $ | 190,584 | $ | 207,296 | $ | 224,334 | $ | 50,016 | $ | 29,845 | ||||||||||
Interest capitalized (a) | — | — | — | — | — | |||||||||||||||
Estimated interest within rent expense (b) | 32,636 | 33,033 | 36,191 | 24,355 | 23,192 | |||||||||||||||
Preference security dividends | 16,031 | 25,417 | 17,940 | 960 | — | |||||||||||||||
Total fixed charges | $ | 239,251 | $ | 265,746 | $ | 278,465 | $ | 75,331 | $ | 53,037 | ||||||||||
Ratio of earnings to fixed charges (c) | 0.88 | 1.04 | 0.26 | 0.95 | 2.37 | |||||||||||||||
| (a) | De minimis for all periods presented |
| (b) | The Company determined that 1/3 of rent expense represents a reasonable approximation of the interest component |
| (c) | For the years ended December 31, 2010, 2008 and 2007, earnings were insufficient to cover fixed charges by $28,111,000, $206,097,000 and $3,665,000, respectively. |
| (d) | Excludes interest expense on uncertain tax positions which Registrant has elected to treat as a component of income tax expense. |