Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Dollar amounts in thousands)
(Dollar amounts in thousands)
Sept. 26, | Sept. 25, | Sept. 24, | Sept. 30, | Sept. 28, | ||||||||||||||||
2004(1)(2) | 2005(2) | 2006(2) | 2007(2) | 2008(2) | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income before income taxes | $ | 111,140 | $ | 39,908 | $ | 44,011 | $ | 82,674 | $ | 66,630 | ||||||||||
Amortization of capitalized interest | 302 | 251 | 219 | 226 | 469 | |||||||||||||||
Interest | 78,790 | 55,211 | 58,476 | 67,849 | 65,531 | |||||||||||||||
Less interest capitalized during the period | (323 | ) | (1,111 | ) | (4,276 | ) | (9,806 | ) | (11,261 | ) | ||||||||||
Net amortization of debt discount and premium and issuance expense | 11,321 | 3,042 | 3,038 | 5,496 | 3,193 | |||||||||||||||
Interest portion of rental expense | 23,979 | 25,461 | 23,681 | 21,762 | 23,021 | |||||||||||||||
Earnings as adjusted | $ | 225,209 | $ | 122,762 | $ | 125,149 | $ | 168,201 | $ | 147,583 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest | $ | 78,790 | $ | 55,211 | $ | 58,476 | $ | 67,849 | $ | 65,531 | ||||||||||
Net amortization of debt discount and premium and issuance expense | 11,321 | 3,042 | 3,038 | 5,496 | 3,193 | |||||||||||||||
Interest portion of rental expense | 23,979 | 25,461 | 23,681 | 21,762 | 23,021 | |||||||||||||||
Fixed charges | $ | 114,090 | $ | 83,714 | $ | 85,195 | $ | 95,107 | $ | 91,745 | ||||||||||
Ratio of Earnings to Fixed Charges | 1.97 | 1.47 | 1.47 | 1.77 | 1.61 | |||||||||||||||
(1) | Fiscal 2004 includes the Company’s 50% share of Santee through February 6, 2004. Santee has been consolidated into the Company’s consolidated results since that date. | |
(2) | Fiscal years 2004, 2005, 2006 and 2008 were 52-week years while fiscal 2007 was a 53-week year. |