Exhibit 12.1
PILGRIM’S PRIDE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended | |||||||||||||||||||
First Quarter 2004 | September 27, 2003 | September 28, 2002 | September 29, 2001 | September 30, 2000 | October 2, 1999 | ||||||||||||||
(amounts in thousands, except ratio) | |||||||||||||||||||
EARNINGS: | |||||||||||||||||||
Income before income taxes | $ | 18,607 | $ | 63,235 | $ | 1,910 | $ | 61,861 | $ | 62,786 | $ | 90,904 | |||||||
Add: Total fixed charges | |||||||||||||||||||
(see below) | 15,780 | 51,126 | 49,801 | 48,406 | 29,168 | 26,706 | |||||||||||||
Less: Interest Capitalized | 413 | 1,535 | 6,014 | 7,153 | 3,313 | 2,032 | |||||||||||||
Total Earnings | $ | 33,974 | $ | 112,826 | $ | 45,697 | $ | 103,114 | $ | 88,641 | $ | 115,578 | |||||||
FIXED CHARGES: | |||||||||||||||||||
Interest(1) | $ | 13,394 | $ | 41,835 | $ | 40,444 | $ | 38,852 | $ | 21,712 | $ | 20,889 | |||||||
Portion of rental expense representative of the interest factor(2) | 2,386 | 9,291 | 9,357 | 9,554 | 7,456 | 5,817 | |||||||||||||
Total fixed charges | $ | 15,780 | $ | 51,126 | $ | 49,801 | $ | 48,406 | $ | 29,168 | $ | 26,706 | |||||||
Ratio of earnings to fixed charges | 2.15 | 2.21 | (3) | 2.13 | 3.04 | 4.33 |
(1) | Interest includes amortization of capitalized financing fees. |
(2) | One-third of rental expenses is assumed to be representative of the interest factor. |
(3) | Earnings were insufficient to cover fixed charges by $4,104. |