Exhibit 12.1
Carrols Restaurant Group, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
|
| | | | | | | | | | | | | | | |
| | Year Ended |
| | January 2, 2011 | January 1, 2012 | December 30, 2012 | December 29, 2013 | December 28, 2014 |
| Earnings: | | | | | |
| Income from continuing operations before income tax | $ | 2,617 |
| $ | (2,185 | ) | $ | (28,909 | ) | $ | (23,916 | ) | $ | (26,352 | ) |
| Add fixed charges: | | | | | |
| Interest expense, including amortization of deferred financing costs | 8,957 |
| 7,353 |
| 12,764 |
| 18,841 |
| 18,801 |
|
| Portion of rents representative of interest factor | 7,723 |
| 7,555 |
| 12,628 |
| 15,733 |
| 16,288 |
|
| Total earnings | $ | 19,297 |
| $ | 12,723 |
| $ | (3,517 | ) | $ | 10,658 |
| $ | 8,737 |
|
| Fixed charges: | | | | | |
| Interest expense, including amortization of deferred financing costs | $ | 8,957 |
| $ | 7,353 |
| $ | 12,764 |
| $ | 18,841 |
| $ | 18,801 |
|
| Portion of rents representative of interest factor | 7,723 |
| 7,555 |
| 12,628 |
| 15,733 |
| 16,288 |
|
| | $ | 16,680 |
| $ | 14,908 |
| $ | 25,392 |
| $ | 34,574 |
| $ | 35,089 |
|
| Ratio of earnings to fixed charges (1) | 1.16x |
| — |
| — |
| — |
| — |
|
| |
| (1) | For purposes of determining the ratio of earnings to fixed charges, earnings are defined as earnings from continuing operations before income taxes plus fixed charges. Fixed charges consist of interest expense on all indebtedness, amortization of deferred financing costs and one-third of rental expense on operating leases, representing that portion of rental expense that we deemed to be attributable to interest. Our earnings were insufficient to cover our fixed charges for the years ended January 1, 2012, December 30, 2012, December 29, 2013 and December 28, 2014 by $2,185, $28,909, $23,916, and $26,352, respectively. |
