Exhibit 12.1
STATEMENTS RE: COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
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| Years Ended |
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| February 28, |
| February 29, |
| February 28, |
| February 28, |
| February 28, |
| February 29, |
| February 28, |
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Income (loss) before income taxes |
| $ | 32,838 |
| $ | 5,786 |
| $ | (29,158 | )(1) | $ | 9,352 |
| $ | (10,251 | ) | $ | (41,826 | ) | $ | (97,692 | ) |
Capitalized interest |
| $ | (404 | ) | $ | (872 | ) | $ | (399 | ) | $ | (165 | ) | $ | (137 | ) | $ | (614 | ) | $ | (134 | ) |
Depreciation of capitalized interest |
| $ | 88 |
| $ | 169 |
| $ | 343 |
| $ | 424 |
| $ | 343 |
| $ | 467 |
| $ | 353 |
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Adjusted income (loss) before income taxes |
| $ | 32,522 |
| $ | 5,083 |
| $ | (29,214 | ) | $ | 9,611 |
| $ | (10,045 | ) | $ | (41,973 | ) | $ | (97,473 | ) |
Fixed Charges: |
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Interest expense(2) |
| $ | 15,203 |
| $ | 18,060 |
| $ | 40,185 |
| $ | 29,536 |
| $ | 41,586 |
| $ | 46,902 |
| $ | 75,987 |
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Capitalized interest |
| 404 |
| 872 |
| 399 |
| 165 |
| 137 |
| 614 |
| 134 |
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Rental expense representative of an interest factor |
| 4,692 |
| 3,807 |
| 2,700 |
| 3,300 |
| 3,100 |
| 2,890 |
| 1,279 |
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Total fixed charges |
| $ | 20,299 |
| $ | 22,739 |
| $ | 43,824 |
| $ | 33,001 |
| $ | 44,823 |
| $ | 50,406 |
| $ | 77,400 |
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Adjusted income (loss) before income taxes plus fixed charges |
| 52,821 |
| 27,822 |
| 14,070 |
| 42,612 |
| 34,778 |
| 8,433 |
| (20,073 | ) | |||||||
Ratio of earnings to fixed charges |
| 2.6 |
| 1.2 |
| — |
| 1.3 |
| — |
| — |
| — |
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Deficiency of earnings to cover fixed charges |
| — |
| — |
| $ | 29,214 |
| — |
| $ | 10,045 |
| $ | 41,973 |
| $ | 97,473 |
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(1) | Includes pretax charges of $44.9 million related to the impairment of goodwill and trademarks associated with the Company’s purchase of Stabler. |
(2) | The Company records interest expense on unrecognized tax benefits in the provision for income taxes. This interest is not included in the computation of fixed charges. |