Topgolf Callaway Brands (MODG) S-3 Shelf registration

Callaway Golf Company Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE SECURITY DIVIDENDS

	Six Months Ended
	June 30,		Year ended December 31,
	2014		2013			2012			2011			2010			2009
Earnings:
Income (loss) from continuing operations before income taxes and non-controlling interest	$	62,028	$	(13,322	)	$	(118,305	)	$	(89,674	)	$	(35,215	)	$	(29,128	)
Add: Fixed charges		7,530		19,103			25,388			26,130			25,353			17,304
Total (loss) earnings		69,558		5,781			(92,917	)		(63,544	)		(9,862	)		(11,824	)
Fixed Charges:
Interest on debt and amortization of deferred financing costs		5,585		9,123			5,513			1,618			848			1,737
Estimated interest expense included in rental expense		1,945		4,562			6,140			7,439			4,656			4,522
Preference security dividends, pre-tax (1)		-		5,418			13,735			17,073			19,849			11,045
Total fixed charges	$	7,530	$	19,103		$	25,388		$	26,130		$	25,353		$	17,304
Ratio of Earnings to Fixed Charges and Preference Security Dividends		9.24		0.30	(2)		-	(2)		-	(2)		-	(2)		-	(2)
Ratio of Earnings to Fixed Charges		9.24		0.03	(2)		-	(2)		-	(2)		-	(2)		-	(2)

(1) Preference security dividends is the amount of pre-tax earnings that is required to pay the dividends on outstanding preference securities. During 2013, the Company completed a series of actions to exchange, convert and redeem all shares of the Company’s outstanding Series B Cumulative Perpetual Convertible Preferred Stock (“Series B Preferred”). As such, there were no shares outstanding of the Company’s Series B Preferred at December 31, 2013 and June 30, 2014, and there were no preference security dividends accrued and paid during the six months ended June 30, 2014.

(2) Earnings for the years ended December 31, 2013, 2012, 2011, 2010 and 2009 were insufficient to cover fixed charges, and fixed charges and preference security dividends by $13.3 million, $118.3 million, $89.7 million, $35.2 million and $29.1 million, respectively.