Exhibit 12.1
CALLAWAY GOLF COMPANY
RATIO OF COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS TO EARNINGS
(In Thousands)
Years Ended December 31, | ||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes and non-controlling interest | $ | (35,215 | ) | $ | (29,128 | ) | $ | 100,341 | $ | 88,264 | $ | 34,987 | $ | 14,537 | ||||||||||
Fixed charges | 25,352 | 17,304 | 8,817 | 8,523 | 8,369 | 5,624 | ||||||||||||||||||
Total earnings | (9,863 | ) | (11,824 | ) | 109,158 | 96,787 | 43,356 | 20,161 | ||||||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||
Interest on debt and amortization of deferred financing costs | 848 | 1,737 | 4,666 | 5,363 | 5,421 | 2,279 | ||||||||||||||||||
Estimated interest expense included in rental expense | 4,656 | 4,522 | 4,151 | 3,160 | 2,948 | 3,345 | ||||||||||||||||||
Preference security dividends, pre-tax | 19,849 | 11,045 | — | — | — | — | ||||||||||||||||||
Total fixed charges | $ | 25,353 | $ | 17,304 | $ | 8,817 | $ | 8,523 | $ | 8,369 | $ | 5,624 | ||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | — | (1) | — | (1) | 12.38 | 11.36 | 5.18 | 3.58 | ||||||||||||||||
(1) | Earnings for the years ended December 31, 2009 and 2010 were insufficient to cover fixed charges by $29.1 million and $35.2 million, respectively. |