Exhibit 12.1
TOPS HOLDING II CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of consolidated earnings to consolidated fixed charges for Fiscal 2014, the Fiscal 2013 Successor Period, the Fiscal 2013 Predecessor Period, Fiscal 2012, Fiscal 2011 and Fiscal 2010 (dollars in thousands, except ratio data).
| Successor | Predecessor | |||||||||||||||||||||||||||
| Fiscal 2014 (52 weeks) | Fiscal 2013 (4 weeks) | Fiscal 2013 (48 weeks) | Fiscal 2012 (52 weeks) | Fiscal 2011 (52 weeks) | Fiscal 2010 (52 weeks) | |||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Pre-tax (loss) income | $ | (22,190 | ) | $ | (3,067 | ) | $ | (24,946 | ) | $ | (21,542 | ) | $ | 7,127 | $ | (35,958 | ) | |||||||||||
Plus: | ||||||||||||||||||||||||||||
Fixed charges | 93,327 | 7,309 | 73,349 | 67,602 | 69,792 | 69,393 | ||||||||||||||||||||||
Amortization of capitalized interest | 36 | 3 | 167 | 189 | 189 | 269 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total available earnings | $ | 71,173 | $ | 4,245 | $ | 48,570 | $ | 46,249 | $ | 77,108 | $ | 33,704 | ||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expensed | $ | 78,806 | $ | 5,891 | $ | 61,274 | $ | 55,209 | $ | 58,326 | $ | 58,316 | ||||||||||||||||
Amortization of discounts and capitalized costs | 4,240 | 579 | 2,892 | 3,417 | 3,150 | 2,728 | ||||||||||||||||||||||
Interest in rental expenses | 10,281 | 839 | 9,183 | 8,976 | 8,316 | 8,349 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total fixed charges: | $ | 93,327 | $ | 7,309 | $ | 73,349 | $ | 67,602 | $ | 69,792 | $ | 69,393 | ||||||||||||||||
Deficiency | $ | (22,154 | ) | $ | (3,064 | ) | $ | (24,779 | ) | $ | (21,353 | ) | $ | (35,689 | ) | |||||||||||||
Ratio of earnings to fixed charges | (A) | (B) | (C) | (D) | 1.10 | (E) | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||
| (A) | Due to the Company’s loss in Fiscal 2014, the ratio coverage was less than 1:1. The Company must generate additional earnings of $22,154 to achieve a coverage ratio of 1:1. |
| (B) | Due to the Company’s loss in the Fiscal 2013 Successor Period, the ratio coverage was less than 1:1. The Company must generate additional earnings of $3,064 to achieve a coverage ratio of 1:1. |
| (C) | Due to the Company’s loss in the Fiscal 2013 Predecessor Period, the ratio coverage was less than 1:1. The Company must generate additional earnings of $24,779 to achieve a coverage ratio of 1:1. |
| (D) | Due to the Company’s loss in Fiscal 2012, the ratio coverage was less than 1:1. The Company must generate additional earnings of $21,353 to achieve a coverage ratio of 1:1. |
| (E) | Due to the Company’s loss in Fiscal 2010, the ratio coverage was less than 1:1. The Company must generate additional earnings of $35,689 to achieve a coverage ratio of 1:1. |