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- S-4 Registration of securities issued in business combination transactions
- 3.1 EX-3.1(A)
- 3.1 EX-3.1(B)
- 3.2 EX-3.2(A)
- 3.2 EX-3.2(B)
- 3.3 EX-3.3(A)
- 3.3 EX-3.3(B)
- 3.4 EX-3.4(A)
- 3.4 EX-3.4(B)
- 3.5 EX-3.5(A)
- 3.5 EX-3.5(B)
- 3.6 EX-3.6(A)
- 3.6 EX-3.6(B)
- 3.7 EX-3.7(A)
- 3.7 EX-3.7(B)
- 3.8 EX-3.8(A)
- 3.8 EX-3.8(B)
- 3.9 EX-3.9(A)
- 3.9 EX-3.9(B)
- 3.10 EX-3.10(A)
- 3.10 EX-3.10(B)
- 3.11 EX-3.11(A)
- 3.11 EX-3.11(B)
- 3.12 EX-3.12(A)
- 3.12 EX-3.12(B)
- 3.13 EX-3.13(A)
- 3.13 EX-3.13(B)
- 3.14 EX-3.14(A)
- 3.14 EX-3.14(B)
- 3.15 EX-3.15(A)
- 3.15 EX-3.15(B)
- 3.16 EX-3.16(A)
- 3.16 EX-3.16(B)
- 3.17 EX-3.17(A)
- 3.17 EX-3.17(B)
- 3.18 EX-3.18(A)
- 3.18 EX-3.18(B)
- 3.19 EX-3.19(A)
- 3.19 EX-3.19(B)
- 3.20 EX-3.20(A)
- 3.20 EX-3.20(B)
- 3.21 EX-3.21(A)
- 3.21 EX-3.21(B)
- 3.22 EX-3.22(A)
- 3.22 EX-3.22(B)
- 3.23 EX-3.23(A)
- 3.23 EX-3.23(B)
- 3.24 EX-3.24(A)
- 3.24 EX-3.24(B)
- 3.25 EX-3.25(A)
- 3.25 EX-3.25(B)
- 3.26 EX-3.26(A)
- 3.26 EX-3.26(B)
- 3.27 EX-3.27(A)
- 3.27 EX-3.27(B)
- 3.28 EX-3.28(A)
- 3.28 EX-3.28(B)
- 3.29 EX-3.29(A)
- 3.29 EX-3.29(B)
- 3.30 EX-3.30(A)
- 3.30 EX-3.30(B)
- 3.31 EX-3.31(A)
- 3.31 EX-3.31(B)
- 3.32 EX-3.32(A)
- 3.32 EX-3.32(B)
- 3.33 EX-3.33(A)
- 3.33 EX-3.33(B)
- 3.34 EX-3.34(A)
- 3.34 EX-3.34(B)
- 3.35 EX-3.35(A)
- 3.35 EX-3.35(B)
- 3.36 EX-3.36(A)
- 3.36 EX-3.36(B)
- 3.37 EX-3.37(A)
- 3.37 EX-3.37(B)
- 3.38 EX-3.38(A)
- 3.38 EX-3.38(B)
- 3.39 EX-3.39(A)
- 3.39 EX-3.39(B)
- 3.40 EX-3.40(A)
- 3.40 EX-3.40(B)
- 3.41 EX-3.41(A)
- 3.41 EX-3.41(B)
- 3.42 EX-3.42(A)
- 3.42 EX-3.42(B)
- 3.43 EX-3.43(A)
- 3.43 EX-3.43(B)
- 3.44 EX-3.44(A)
- 3.44 EX-3.44(B)
- 3.45 EX-3.45(A)
- 3.45 EX-3.45(B)
- 3.46 EX-3.46(A)
- 3.46 EX-3.46(B)
- 3.47 EX-3.47(A)
- 3.47 EX-3.47(B)
- 3.48 EX-3.48(A)
- 3.48 EX-3.48(B)
- 3.49 EX-3.49(A)
- 3.49 EX-3.49(B)
- 3.50 EX-3.50(A)
- 3.50 EX-3.50(B)
- 3.51 EX-3.51(A)
- 3.51 EX-3.51(B)
- 3.52 EX-3.52(A)
- 3.52 EX-3.52(B)
- 3.53 EX-3.53(A)
- 3.53 EX-3.53(B)
- 3.54 EX-3.54(A)
- 3.54 EX-3.54(B)
- 3.55 EX-3.55(A)
- 3.55 EX-3.55(B)
- 3.56 EX-3.56(A)
- 3.56 EX-3.56(B)
- 3.57 EX-3.57(A)
- 3.57 EX-3.57(B)
- 3.58 EX-3.58(A)
- 3.58 EX-3.58(B)
- 3.59 EX-3.59(A)
- 3.59 EX-3.59(B)
- 3.60 EX-3.60(A)
- 3.60 EX-3.60(B)
- 3.61 EX-3.61(A)
- 3.61 EX-3.61(B)
- 3.62 EX-3.62(A)
- 3.62 EX-3.62(B)
- 3.63 EX-3.63(A)
- 3.63 EX-3.63(B)
- 3.64 EX-3.64(A)
- 3.64 EX-3.64(B)
- 3.65 EX-3.65(A)
- 3.65 EX-3.65(B)
- 3.66 EX-3.66(A)
- 3.66 EX-3.66(B)
- 3.67 EX-3.67(A)
- 3.67 EX-3.67(B)
- 3.68 EX-3.68(A)
- 3.68 EX-3.68(B)
- 3.69 EX-3.69(A)
- 3.69 EX-3.69(B)
- 3.70 EX-3.70(A)
- 3.70 EX-3.70(B)
- 3.71 EX-3.71(A)
- 3.71 EX-3.71(B)
- 3.72 EX-3.72(A)
- 3.72 EX-3.72(B)
- 3.73 EX-3.73(A)
- 3.73 EX-3.73(B)
- 3.74 EX-3.74(A)
- 3.74 EX-3.74(B)
- 3.75 EX-3.75(A)
- 3.75 EX-3.75(B)
- 3.76 EX-3.76(A)
- 3.76 EX-3.76(B)
- 3.77 EX-3.77(A)
- 3.77 EX-3.77(B)
- 3.78 EX-3.78(A)
- 3.78 EX-3.78(B)
- 3.79 EX-3.79(A)
- 3.79 EX-3.79(B)
- 3.80 EX-3.80(A)
- 3.80 EX-3.80(B)
- 3.81 EX-3.81(A)
- 3.81 EX-3.81(B)
- 3.82 EX-3.82(A)
- 3.82 EX-3.82(B)
- 3.83 EX-3.83(A)
- 3.83 EX-3.83(B)
- 3.84 EX-3.84(A)
- 3.84 EX-3.84(B)
- 3.85 EX-3.85(A)
- 3.85 EX-3.85(B)
- 3.86 EX-3.86(A)
- 3.86 EX-3.86(B)
- 3.87 EX-3.87(A)
- 3.87 EX-3.87(B)
- 3.88 EX-3.88(A)
- 3.88 EX-3.88(B)
- 3.89 EX-3.89(A)
- 3.89 EX-3.89(B)
- 3.90 EX-3.90(A)
- 3.90 EX-3.90(B)
- 3.91 EX-3.91(A)
- 3.91 EX-3.91(B)
- 3.92 EX-3.92(A)
- 3.92 EX-3.92(B)
- 3.93 EX-3.93(A)
- 3.93 EX-3.93(B)
- 3.94 EX-3.94(A)
- 3.94 EX-3.94(B)
- 3.95 EX-3.95(A)
- 3.95 EX-3.95(B)
- 3.96 EX-3.96(A)
- 3.96 EX-3.96(B)
- 3.97 EX-3.97(A)
- 3.97 EX-3.97(B)
- 3.98 EX-3.98(A)
- 3.98 EX-3.98(B)
- 3.99 EX-3.99(A)
- 3.99 EX-3.99(B)
- 3.100 EX-3.100(A)
- 3.100 EX-3.100(B)
- 3.101 EX-3.101(A)
- 3.101 EX-3.101(B)
- 3.102 EX-3.102(A)
- 3.102 EX-3.102(B)
- 3.103 EX-3.103(A)
- 3.103 EX-3.103(B)
- 3.104 EX-3.104(A)
- 3.104 EX-3.104(B)
- 3.105 EX-3.105(A)
- 3.105 EX-3.105(B)
- 3.106 EX-3.106(A)
- 3.106 EX-3.106(B)
- 3.107 EX-3.107(A)
- 3.107 EX-3.107(B)
- 3.108 EX-3.108(A)
- 3.108 EX-3.108(B)
- 3.109 EX-3.109(A)
- 3.109 EX-3.109(B)
- 3.110 EX-3.110(A)
- 3.110 EX-3.110(B)
- 3.111 EX-3.111(A)
- 3.111 EX-3.111(B)
- 3.112 EX-3.112(A)
- 3.112 EX-3.112(B)
- 3.113 EX-3.113(A)
- 3.113 EX-3.113(B)
- 3.114 EX-3.114(A)
- 3.114 EX-3.114(B)
- 3.115 EX-3.115(A)
- 3.115 EX-3.115(B)
- 3.116 EX-3.116(A)
- 3.116 EX-3.116(B)
- 3.117 EX-3.117(A)
- 3.117 EX-3.117(B)
- 3.118 EX-3.118(A)
- 3.118 EX-3.118(B)
- 3.119 EX-3.119(A)
- 3.119 EX-3.119(B)
- 3.120 EX-3.120(A)
- 3.120 EX-3.120(B)
- 3.121 EX-3.121(A)
- 3.121 EX-3.121(B)
- 3.122 EX-3.122(A)
- 3.122 EX-3.122(B)
- 3.123 EX-3.123(A)
- 3.123 EX-3.123(B)
- 3.124 EX-3.124(A)
- 3.124 EX-3.124(B)
- 3.125 EX-3.125(A)
- 3.125 EX-3.125(B)
- 3.126 EX-3.126(A)
- 3.126 EX-3.126(B)
- 3.127 EX-3.127(A)
- 3.127 EX-3.127(B)
- 3.128 EX-3.128(A)
- 3.128 EX-3.128(B)
- 3.129 EX-3.129(A)
- 3.129 EX-3.129(B)
- 3.130 EX-3.130(A)
- 3.130 EX-3.130(B)
- 3.131 EX-3.131(A)
- 3.131 EX-3.131(B)
- 3.132 EX-3.132(A)
- 3.132 EX-3.132(B)
- 3.133 EX-3.133(A)
- 3.133 EX-3.133(B)
- 3.134 EX-3.134(A)
- 3.134 EX-3.134(B)
- 3.135 EX-3.135(A)
- 3.135 EX-3.135(B)
- 3.136 EX-3.136(A)
- 3.136 EX-3.136(B)
- 3.137 EX-3.137(A)
- 3.137 EX-3.137(B)
- 3.138 EX-3.138(A)
- 3.138 EX-3.138(B)
- 3.139 EX-3.139(A)
- 3.139 EX-3.139(B)
- 3.140 EX-3.140(A)
- 3.140 EX-3.140(B)
- 3.141 EX-3.141(A)
- 3.141 EX-3.141(B)
- 3.142 EX-3.142(A)
- 3.142 EX-3.142(B)
- 3.143 EX-3.143(A)
- 3.143 EX-3.143(B)
- 3.144 EX-3.144(A)
- 3.144 EX-3.144(B)
- 3.145 EX-3.145(A)
- 3.145 EX-3.145(B)
- 3.146 EX-3.146(A)
- 3.146 EX-3.146(B)
- 3.147 EX-3.147(A)
- 3.147 EX-3.147(B)
- 3.148 EX-3.148(A)
- 3.148 EX-3.148(B)
- 3.149 EX-3.149(A)
- 3.149 EX-3.149(B)
- 3.150 EX-3.150(A)
- 3.150 EX-3.150(B)
- 3.151 EX-3.151(A)
- 3.151 EX-3.151(B)
- 3.152 EX-3.152(A)
- 3.152 EX-3.152(B)
- 3.153 EX-3.153(A)
- 3.153 EX-3.153(B)
- 3.154 EX-3.154(A)
- 3.154 EX-3.154(B)
- 3.155 EX-3.155(A)
- 3.155 EX-3.155(B)
- 3.156 EX-3.156(A)
- 3.156 EX-3.156(B)
- 3.157 EX-3.157(A)
- 3.157 EX-3.157(B)
- 3.158 EX-3.158(A)
- 3.158 EX-3.158(B)
- 3.159 EX-3.159(A)
- 3.159 EX-3.159(B)
- 3.160 EX-3.160(A)
- 3.160 EX-3.160(B)
- 3.161 EX-3.161(A)
- 3.161 EX-3.161(B)
- 3.162 EX-3.162(A)
- 3.162 EX-3.162(B)
- 3.163 EX-3.163(A)
- 3.163 EX-3.163(B)
- 3.164 EX-3.164(A)
- 3.164 EX-3.164(B)
- 3.165 EX-3.165(A)
- 3.165 EX-3.165(B)
- 3.166 EX-3.166(A)
- 3.166 EX-3.166(B)
- 3.167 EX-3.167(A)
- 3.167 EX-3.167(B)
- 3.168 EX-3.168(A)
- 3.168 EX-3.168(B)
- 3.169 EX-3.169(A)
- 3.169 EX-3.169(B)
- 3.170 EX-3.170(A)
- 3.170 EX-3.170(B)
- 3.171 EX-3.171(A)
- 3.171 EX-3.171(B)
- 4.1 EX-4.1
- 4.3 EX-4.3
- 5.1 EX-5.1
- 5.2 EX-5.2
- 5.3 EX-5.3
- 5.4 EX-5.4
- 5.5 EX-5.5
- 5.6 EX-5.6
- 5.7 EX-5.7
- 5.8 EX-5.8
- 5.9 EX-5.9
- 5.10 EX-5.10
- 5.11 EX-5.11
- 5.12 EX-5.12
- 5.13 EX-5.13
- 5.14 EX-5.14
- 5.15 EX-5.15
- 5.16 EX-5.16
- 5.17 EX-5.17
- 5.18 EX-5.18
- 5.19 EX-5.19
- 5.20 EX-5.20
- 5.21 EX-5.21
- 5.22 EX-5.22
- 5.23 EX-5.23
- 5.24 EX-5.24
- 10.1 EX-10.1
- 10.2 EX-10.2
- 10.3 EX-10.3
- 10.4 EX-10.4
- 10.5 EX-10.5
- 10.6 EX-10.6
- 10.7 EX-10.7
- 10.8 EX-10.8
- 10.9 EX-10.9
- 10.10 EX-10.10
- 12 EX-12
- 21 EX-21
- 23.16 EX-23.16
- 25 EX-25
- 99.1 EX-99.1
- 99.2 EX-99.2
- 99.3 EX-99.3
- 99.4 EX-99.4
- 23 Jun 11 Registration of securities issued in business combination transactions (amended)
- 6 Jun 11 Registration of securities issued in business combination transactions (amended)
- 9 May 11 Registration of securities issued in business combination transactions (amended)
- 28 Mar 11 Registration of securities issued in business combination transactions
Exhibit 12
ClubCorp Club Operations, Inc.
Computation of Ratio of Earnings to Fixed Charges
Five Years Ended December 28, 2010
|
| 2006 |
| 2007 |
| 2008 |
| 2009 |
| 2010 |
| |||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
| |||||
(Loss) income before income taxes |
| $ | (64,475 | ) | $ | (75,337 | ) | $ | (59,666 | ) | $ | (20,180 | ) | $ | 318,711 |
|
Equity in earnings from unconsolidated ventures |
| (2,383 | ) | (851 | ) | (1,514 | ) | (706 | ) | (1,309 | ) | |||||
(Loss) income from continuing operations before taxes, noncontrolling interests and equity in earnings from unconsolidated ventures |
| (66,858 | ) | (76,188 | ) | (61,180 | ) | (20,886 | ) | 317,402 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Add: |
|
|
|
|
|
|
|
|
|
|
| |||||
Total fixed charges (per below) |
| 40,326 |
| 115,037 |
| 102,928 |
| 66,132 |
| 64,418 |
| |||||
Amortization of capitalized interest |
| 29 |
| 89 |
| 133 |
| 146 |
| 149 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Less: |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest capitalized |
| (2,239 | ) | (2,382 | ) | (966 | ) | (69 | ) | (115 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total earnings |
| $ | (24,265 | ) | $ | 41,320 |
| $ | 42,847 |
| $ | 45,461 |
| $ | 382,083 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest expense |
| $ | 31,166 |
| $ | 105,408 |
| $ | 94,583 |
| $ | 58,383 |
| $ | 57,165 |
|
Interest capitalized |
| 2,239 |
| 2,382 |
| 966 |
| 69 |
| 115 |
| |||||
Estimate of interest within rental expense(a) |
| 6,921 |
| 7,247 |
| 7,379 |
| 7,680 |
| 7,138 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total fixed charges |
| $ | 40,326 |
| $ | 115,037 |
| $ | 102,928 |
| $ | 66,132 |
| $ | 64,418 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Ratio of earnings to fixed charges(b) |
| — |
| 0.36x |
| 0.42x |
| 0.69x |
| 5.93x |
|
(a) Fixed charges include the estimated interest component of rent expense (one-third of rent under operating leases) included in income from continuing operations.
(b) For the fiscal years ended December 26, 2006, December 25, 2007, December 30, 2008 and December 29, 2009, earnings were insufficient to cover fixed charges by approximately $64.6 million, $73.7 million, $60.1 million and $20.7 million, respectively.