Dycom Industries (DY) 10-Q 2019 Q3 Quarterly report

Exhibit 12.1

Dycom Industries, Inc.

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Nine Months Ended		Six Months Ended			Fiscal Year Ended
	October 27, 2018		January 27, 2018			July 29, 2017		July 30, 2016		July 25, 2015		July 26, 2014		July 27, 2013
Net income	$	74,961	$	68,835		$	157,217	$	128,740	$	84,324	$	39,978	$	35,188
Income tax provision (benefit)	28,476		(22,285		)	93,208		77,587		51,260		26,341		23,011
Fixed charges included in the determination of net income	48,170		29,373			56,866		51,363		39,970		39,528		34,774
Total earnings, as defined	$	151,607	$	75,923		$	307,291	$	257,690	$	175,554	$	105,847	$	92,973
Interest charges	$	32,028	$	19,574		$	37,377	$	34,733	$	27,029	$	26,837	$	23,335
Rental interest factor	16,142		9,799			19,489		16,630		12,941		12,691		11,439
Total fixed charges, as defined	$	48,170	$	29,373		$	56,866	$	51,363	$	39,970	$	39,528	$	34,774
Ratio of earnings to fixed charges	3.1x		2.6x			5.4x		5.0x		4.4x		2.7x		2.7x