Exhibit 12.1
Dycom Industries, Inc.
Computation of Ratio of Earnings to Fixed Charges
Six Months Ended | Fiscal Year Ended | |||||||||||||||||||||||
January 25, 2014 | July 27, 2013 | July 28, 2012 | July 30, 2011 | July 31, 2010 | July 25, 2009 | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Earnings, as defined: | ||||||||||||||||||||||||
Income (loss) from continuing operations before cumulative effect of changes in accounting principles | $ | 15,593 | $ | 35,188 | $ | 39,378 | $ | 16,107 | $ | 5,849 | $ | (53,094 | ) | |||||||||||
Income tax expense (benefit) | 10,470 | 23,011 | 25,183 | 12,377 | 4,881 | (1,405 | ) | |||||||||||||||||
Fixed charges included in the determination of net income | 20,757 | 34,774 | 24,001 | 22,185 | 20,292 | 21,921 | ||||||||||||||||||
Total earnings, as defined | $ | 46,820 | $ | 92,973 | $ | 88,562 | $ | 50,669 | $ | 31,022 | $ | (32,578 | ) | |||||||||||
Fixed charges, as defined: | ||||||||||||||||||||||||
Interest charges | $ | 13,689 | $ | 23,335 | $ | 16,745 | $ | 16,017 | $ | 14,272 | $ | 14,743 | ||||||||||||
Rental interest factor | 7,068 | 11,439 | 7,256 | 6,168 | 6,020 | 7,178 | ||||||||||||||||||
Total fixed charges, as defined | $ | 20,757 | $ | 34,774 | $ | 24,001 | $ | 22,185 | $ | 20,292 | $ | 21,921 | ||||||||||||
Ratio of earnings to fixed charges | 2.3x | 2.7x | 3.7x | 2.3x | 1.5x | (*) | ||||||||||||||||||
*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. |