Dycom Industries (DY) 10-K2012 FY Annual report

Filed: 4 Sep 12, 12:00am

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Exhibit 12.1

Dycom Industries, Inc.
Computation of Ratio of Earnings to Fixed Charges

	Fiscal Year Ended
	July 28, 2012			July 30, 2011			July 31, 2010			July 25, 2009			July 26, 2008

	(Dollars in thousands)
Earnings, as defined:
Income (loss) from continuing operations before cumulative effect of changes in accounting principles	$	39,378		$	16,107		$	5,849		$	(53,094	)	$	24,404
Income tax expense (benefit)		25,183			12,377			4,881			(1,405	)		13,180
Fixed charges included in the determination of net income		24,001			22,185			20,292			21,921			20,520
Total earnings, as defined	$	88,562		$	50,669		$	31,022		$	(32,578	)	$	58,104

Fixed charges, as defined:
Interest charges	$	16,745		$	16,017		$	14,272		$	14,743		$	13,096
Rental interest factor		7,256			6,168			6,020			7,178			7,424
Total fixed charges, as defined	$	24,001		$	22,185		$	20,292		$	21,921		$	20,520


Ratio of earnings to fixed charges		3.7	x		2.3	x		1.5	x		(	*)		2.8	x

*The ratio of earnings to fixed charges was less than one-to-one for fiscal 2009 and earnings were insufficient to cover fixed charges by $76.4 million.