Exhibit 12.1
Mohawk Industries, Inc.
Statement Regarding Computation of Earnings to Fixed Charges
(In Thousands, Except Ratio Data)
December 31,
2010 | 2011 | 2012 | 2013 | 2014 | ||||||||||||||||
Fixed rent expense | $ | 105,976 | 103,416 | 97,587 | 116,541 | 114,529 | ||||||||||||||
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Principal | 70,651 | 68,944 | 65,058 | 77,694 | 76,353 | |||||||||||||||
Interest | 35,325 | 34,472 | 32,529 | 38,847 | 38,176 | |||||||||||||||
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Total | $ | 105,976 | 103,416 | 97,587 | 116,541 | 114,529 | ||||||||||||||
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Fixed charges: | ||||||||||||||||||||
Portion of rent expense representative of interest | $ | 35,325 | 34,472 | 32,529 | 38,847 | 38,176 | ||||||||||||||
Capitalized interest | 4,240 | 6,197 | 4,577 | 8,167 | 9,202 | |||||||||||||||
Interest expensed | 133,151 | 101,617 | 74,713 | 92,246 | 98,207 | |||||||||||||||
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Total fixed charges (1) | $ | 172,716 | 142,286 | 111,819 | 139,260 | 145,585 | ||||||||||||||
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Earnings (2): | ||||||||||||||||||||
Earnings before income taxes | $ | 192,648 | 199,874 | 304,492 | 445,571 | 663,891 | ||||||||||||||
Fixed charges | 172,716 | 142,286 | 111,819 | 139,260 | 145,585 | |||||||||||||||
Amortization of capitalized interest | 5,178 | 5,607 | 5,404 | 5,502 | 6,182 | |||||||||||||||
less: | ||||||||||||||||||||
Capitalized interest | (4,240 | ) | (6,197 | ) | (4,577 | ) | (8,167 | ) | (9,202 | ) | ||||||||||
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Total earnings | $ | 366,303 | 341,570 | 417,138 | 582,166 | 806,456 | ||||||||||||||
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Ratio of earnings to fixed charges | 2.1 | 2.4 | 3.7 | 4.1 | 5.5 |
(1) | Fixed charges are defined as interest expensed and capitalized plus an estimate of interest within rental expense |
(2) | Earnings consists of earnings from continuing operations before income taxes plus fixed charges and amortization of capitalized interest less total capitalized interest |