EXHIBIT 12.1
FOGO DE CHAO, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIOS)
| Successor | Predecessor | |||||||||||||||||||||||
| Fiscal Year Ended | Period from May 24 | Period from January 2 | ||||||||||||||||||||||
| January 1, 2017 | January 3, 2016 | December 28, 2014 | December 29, 2013 | to December 30, 2012(1)(2) | to July 20, 2012(1)(3) | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) before income taxes | 36,219 | 13,829 | 24,264 | 1,535 | (10,227 | ) | (7,590 | ) | ||||||||||||||||
Add/(Deduct): | ||||||||||||||||||||||||
Fixed charges | 12,079 | 17,227 | 25,293 | 31,068 | 14,156 | 11,323 | ||||||||||||||||||
Capitalized interest | (107 | ) | (123 | ) | (158 | ) | (585 | ) | (106 | ) | (200 | ) | ||||||||||||
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Earnings | 48,191 | 30,933 | 49,399 | 32,018 | 3,823 | 3,533 | ||||||||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest expensed | 4,387 | 9,975 | 17,937 | 22,862 | 10,914 | 7,701 | ||||||||||||||||||
Interest capitalized | 107 | 123 | 158 | 585 | 106 | 200 | ||||||||||||||||||
Amortization of deferred financing costs | 577 | 1,001 | 1,573 | 2,443 | 1,237 | 1,034 | ||||||||||||||||||
Estimate of interest in rent expense(4) | 7,008 | 6,128 | 5,625 | 5,178 | 1,899 | 2,388 | ||||||||||||||||||
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Total fixed charges | 12,079 | 17,227 | 25,293 | 31,068 | 14,156 | 11,323 | ||||||||||||||||||
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Ratio of Earnings to Fixed Charges | 3.99 | 1.80 | 1.95 | 1.03 | 0.27 | 0.31 | ||||||||||||||||||
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| (1) | The Company was incorporated under the name Brasa (Parent) Inc. on May 24, 2012 in connection with the acquisition on July 21, 2012 of Fogo de Chão Churrascaria (Holdings) LLC, a Delaware limited liability company, and its parent company, FC Holdings Inc., a Cayman Islands exempt company, by a collaborative group consisting of funds affiliated with Thomas H. Lee Partners, L.P. and other minority investors (the “Acquisition”). |
| (2) | The ratio is for the period in 2012, after the Company was incorporated under the name Brasa (Parent) Inc. |
| (3) | The ratio is for the period in 2012, before the Acquisition. |
| (4) | Estimate of interest within rent expense is calculated under the assumption thatone-third of rent expense is representative of interest costs which is a reasonable approximation of the interest factor. |
