Dycom Industries (DY) 10-Q2013 Q2 Quarterly report

Filed: 5 Mar 13, 12:00am

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New words: allocated, allocation, Article, assistance, attention, bargaining, beneficial, certificate, charged, complex, conclusion, coordinate, correspondingly, create, deductible, default, delivery, deteriorate, disposition, diversion, employed, energy, failure, floating, inherited, intention, leaseback, liable, loan, meaningful, medium, network, newly, preliminary, prevent, proportionate, Publicly, realize, realized, recasting, registrant, repaid, responding, royalty, scale, segregated, small, specialist, strategic, succeeding, successful, tangible, technical, transferred, unanticipated, underfunded, unfunded, unknown, withdrawal, withdrawing

Removed: acquire, amendment, application, British, complement, diversify, divided, exercisable, expand, expiration, long, Offsetting, pledge, reserve, review, strategy, sum, sustain, unrestricted, unvested, voting

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Exhibit 12.1

Dycom Industries, Inc.

Computation of Ratio of Earnings to Fixed Charges



		Six Months Ended		Fiscal Year Ended
		January 26, 2013		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	$	13,323	$	39,378	$	16,107	$	5,849	$	(53,094	)	$	24,404
	Income tax expense (benefit)	9,022		25,183		12,377		4,881		(1,405		)	13,180
	Fixed charges included in the determination of net income	14,432		24,001		22,185		20,292		21,921			20,520
	Total earnings, as defined	$	36,777	$	88,562	$	50,669	$	31,022	$	(32,578	)	$	58,104

Fixed charges, as defined:
	Interest charges	$	9,946	$	16,745	$	16,017	$	14,272	$	14,743		$	13,096
	Rental interest factor	4,539		7,256		6,168		6,020		7,178			7,424
	Total fixed charges, as defined	$	14,485	$	24,001	$	22,185	$	20,292	$	21,921		$	20,520


Ratio of earnings to fixed charges		2.5x		3.7x		2.3x		1.5x		(*)			2.8x

*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.