Exhibit 12
The Marcus Corporation
Ratio of Earnings to Fixed Charges
(dollars in thousands)
Fiscal Year Ended | ||||||||||||||||||||
5/28/2015 | 5/29/2014 | 5/30/2013 | 5/31/2012 | 5/26/2011 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Earnings before income taxes | $ | 39,320 | $ | 37,709 | $ | 34,681 | $ | 37,439 | $ | 21,813 | ||||||||||
Add (Less): loss (earnings) attributable to noncontrolling interests | 353 | 4,102 | (5,825 | ) | - | - | ||||||||||||||
Add (Less): Equity losses (earnings) from unconsolidated joint ventures, net | 186 | 250 | 450 | 200 | (545 | ) | ||||||||||||||
Add: Fixed charges (below) | 13,676 | 14,378 | 13,864 | 13,753 | 14,736 | |||||||||||||||
Add: Amortization of capitalized interest | 42 | 36 | 34 | 32 | 31 | |||||||||||||||
Add: Distributions from unconsolidated joint ventures | 166 | 120 | 120 | 254 | - | |||||||||||||||
Less: Capitalized interest | (194 | ) | (256 | ) | (75 | ) | (75 | ) | (90 | ) | ||||||||||
Total Earnings | $ | 53,549 | $ | 56,339 | $ | 43,249 | $ | 51,603 | $ | 35,945 | ||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expensed | $ | 9,477 | $ | 10,060 | $ | 9,309 | $ | 9,272 | $ | 10,362 | ||||||||||
Interest capitalized | 194 | 256 | 75 | 75 | 90 | |||||||||||||||
Amortized debt issuance costs | 449 | 491 | 348 | 245 | 231 | |||||||||||||||
Estimate of interest within rental expense | 3,556 | 3,571 | 4,132 | 4,161 | 4,053 | |||||||||||||||
Total Fixed Charges | $ | 13,676 | $ | 14,378 | $ | 13,864 | $ | 13,753 | $ | 14,736 | ||||||||||
Ratio of Earnings to Fixed Charges (unaudited) | 3.92 | 3.92 | 3.12 | 3.75 | 2.44 |