Exhibit 12.1
TrueBlue, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Year Ended December |
| | March 30, 2012 | | April 1, 2011 | | 2011 | | 2010 | | 2009 | | 2008 | | 2007 |
| Earnings: | | | | | | | | | | | | | | | | | | | | |
| Income from continuing operations before income taxes | $ | 2,649 |
| | $ | 1,258 |
| | $ | 49,324 |
| | $ | 29,162 |
| | $ | 14,141 |
| | $ | 8,155 |
| | $ | 104,603 |
|
| Fixed charges | | 488 |
| | | 556 |
| | | 2,133 |
| | | 2,645 |
| | | 2,217 |
| | | 1,731 |
| | | 2,604 |
|
| Total Earnings | $ | 3,137 |
| | $ | 1,814 |
| | $ | 51,456 |
| | $ | 31,807 |
| | $ | 16,355 |
| | $ | 9,883 |
| | $ | 107,207 |
|
| Fixed Charges: | | | | | | | | | | | | | | | | | | | | |
| Interest Expense | $ | 391 |
| | $ | 273 |
| | $ | 1,207 |
| | $ | 1,515 |
| | $ | 1,491 |
| | $ | 803 |
| | $ | 965 |
|
| Interest component of rent expense | | 97 |
| | | 283 |
| | | 925 |
| | | 1,130 |
| | | 725 |
| | | 928 |
| | | 1,639 |
|
| Total Fixed Charges | $ | 488 |
| | $ | 556 |
| | $ | 2,133 |
| | $ | 2,645 |
| | $ | 2,217 |
| | $ | 1,731 |
| | $ | 2,604 |
|
| Ratio of Earnings to Fixed Charges (1) | | 6.4 |
| | | 3.3 |
| | | 24.1 |
| | | 12.0 |
| | | 7.4 |
| | | 5.7 |
| | | 41.2 |
|
|
| |
| (1) | For purposes of calculating the ratio of earnings to fixed charges, earnings equals (a) earnings from continuing operations before income taxes plus (b) fixed charges. Fixed charges equals (x) interest expense plus (y) the portion of rental expense, which management believes is representative of the interest component of rent expense. The methodology for calculating the interest component of rent expense from prior years has been revised to reflect management's current view. |
