Exhibit 12.1
Ratios of Earnings to Fixed Charges
(In Thousands Except Ratios)
Six Months Ended | Fiscal Year Ended(1) | ||||||||||||||||||||
7/3/2005 | 6/27/2004 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||
Income Before Income Taxes | $ | $ | 22,723 | $ | 36,550 | $ | 38,060 | $ | 38,070 | $ | 11,696 | $ | 9,835 | ||||||||
Fixed Charges | |||||||||||||||||||||
Interest Expense | 20,984 | 43,983 | 41,914 | 49,120 | 44,322 | 53,346 | |||||||||||||||
Interest Inherent in Rental Expense(2) | 448 | 875 | 1,790 | 1,884 | 3,600 | 5,228 | |||||||||||||||
Piedmont Fixed Charges(3) | 6,601 | 7,148 | |||||||||||||||||||
Fixed Charges, as Defined | 21,432 | 44,858 | 43,704 | 51,004 | 54,523 | 65,722 | |||||||||||||||
Earnings, as Defined | 44,155 | 81,408 | 81,764 | 89,074 | 66,219 | 75,557 | |||||||||||||||
Ratio of Earnings to Fixed Charges | 2.06 | 1.81 | 1.87 | 1.75 | 1.21 | 1.15 | |||||||||||||||
(1) | The Company’s fiscal year ends on the Sunday nearest December 31st. All years presented are 52-week years, except 2004, which was a 53-week year. |
(2) | We estimate that the interest component of the rental expense approximates one-third of such expense. |
(3) | During 2000 and 2001, the Company owned a 50% interest in Piedmont Coca-Cola Bottling Partnership and results of Piedmont’s operations were not consolidated with those of the Company. During early 2002, the Company purchased an additional interest in Piedmont. Operating results for 2002 and subsequent periods include Piedmont, adjusted for minority interest expense. The fixed charges related to Piedmont for 2001 and 2000 are as follows: |
2001 | 2000 | |||||||
Interest Expense | $ | 12,695 | $ | 13,519 | ||||
Interest Inherent in Rental Expense | 507 | 776 | ||||||
Subtotal | 13,202 | 14,295 | ||||||
Proportionate Share | 50 | % | 50 | % | ||||
Applicable | 6,601 | 7,148 | ||||||