Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
The following table sets forth the ratios of earnings to fixed charges for the periods presented:
| Fiscal years ended | ||||||||||||||||||||
| January 30, | January 31, | February 2, | February 3, | January 28, | ||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
| (In thousands, except ratio) | ||||||||||||||||||||
EARNINGS: | ||||||||||||||||||||
| Pre-tax (loss) income from continuing operations | $ | (12,086 | ) | $ | (106,837 | ) | $ | 17,507 | $ | 66,524 | $ | 38,143 | ||||||||
| Fixed charges | 129,901 | 128,864 | 138,424 | 134,983 | 27,965 | |||||||||||||||
| Amortization of capitalized interest | 217 | 163 | 144 | 145 | 140 | |||||||||||||||
| Capitalized interest | (196 | ) | (410 | ) | (257 | ) | (71 | ) | (88 | ) | ||||||||||
| Total Earnings | $ | 117,836 | $ | 21,780 | $ | 155,818 | $ | 201,581 | $ | 66,160 | ||||||||||
FIXED CHARGES: | ||||||||||||||||||||
| Interest costs (1) | $ | 93,412 | $ | 94,031 | $ | 104,235 | $ | 101,170 | $ | 10,562 | ||||||||||
| Amortization of debt expense and discount on indebtedness | 5,592 | 4,226 | 4,187 | 6,044 | 1,578 | |||||||||||||||
| Estimate of interest component of rental expense (2) | 30,897 | 30,607 | 30,002 | 27,769 | 15,825 | |||||||||||||||
| Total Fixed Charges | $ | 129,901 | $ | 128,864 | $ | 138,424 | $ | 134,983 | $ | 27,965 | ||||||||||
RATIO OF EARNINGS TO FIXED CHARGES (3) | 0.91x | 0.17x | 1.13x | 1.49x | 2.37x | |||||||||||||||
| (1) | Interest costs represent interest expensed and capitalized. | |
| (2) | One-third of rental expense was determined to be a reasonable approximation of the estimate of interest component of rental expense. | |
| (3) | In order to achieve a ratio of 1.00, additional income before taxes of $12,065 and $107,084 would be required for fiscal years ended January 30, 2010 and January 31, 2009, respectively. |
For the periods presented above, there were no outstanding shares of preferred stock. Therefore, the ratios of earnings to combined fixed charges and preferred stock dividends are identical to the ratios presented above for all such periods.