Exhibit 12.1
MICHAEL FOODS GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Periods Ended
(In thousands, Except Ratios)
|
| Company |
|
| Predecessor |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
| Six Months |
|
| Year |
| ||||||
|
| For the Year Ended |
|
| Ended |
|
| Ended |
|
| Ended |
| ||||||||||||
|
| December 28, |
|
| December 29, |
|
| December 31, |
|
| January 1, |
|
| June 26, |
|
| January 2, |
| ||||||
|
| 2013 |
|
| 2012 |
|
| 2011 |
|
| 2011 |
|
| 2010 |
|
| 2010 |
| ||||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) before income taxes and equity in losses of unconsolidated subsidiary |
| $ | 76,346 |
|
| $ | 44,473 |
|
| $ | 14,103 |
|
| $ | 3,256 |
|
| $ | (47,989 | ) |
| $ | 92,862 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges |
|
| 87,693 |
|
|
| 91,595 |
|
|
| 99,501 |
|
|
| 53,987 |
|
|
| 32,172 |
|
|
| 62,002 |
|
Subtract: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest capitalized |
|
| (274 | ) |
|
| (82 | ) |
|
| (374 | ) |
|
| (86 | ) |
|
| (133 | ) |
|
| (468 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings |
| $ | 163,765 |
|
| $ | 135,986 |
|
| $ | 113,230 |
|
| $ | 57,157 |
|
| $ | (15,950 | ) |
| $ | 154,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expensed |
| $ | 75,755 |
|
| $ | 78,154 |
|
| $ | 81,985 |
|
| $ | 47,289 |
|
| $ | 27,799 |
|
| $ | 53,728 |
|
Interest portion of rentals |
|
| 957 |
|
|
| 949 |
|
|
| 938 |
|
|
| 1,001 |
|
|
| 975 |
|
|
| 1,916 |
|
Interest rate swap contracts |
|
| 742 |
|
|
| 2,372 |
|
|
| 6,500 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
Amortization of financing costs |
|
| 10,239 |
|
|
| 10,120 |
|
|
| 10,078 |
|
|
| 5,697 |
|
|
| 3,398 |
|
|
| 6,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 87,693 |
|
| $ | 91,595 |
|
| $ | 99,501 |
|
| $ | 53,987 |
|
| $ | 32,172 |
|
| $ | 62,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of earnings to fixed charges (1) |
|
| 1.87 |
|
|
| 1.48 |
|
|
| 1.14 |
|
|
| 1.06 |
|
|
|
|
|
|
| 2.49 |
|
(1) | Due to the Predecessor’s loss for the six-month period ended June 26, 2010, the ratio coverage was less than 1:1. |