Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
| | Predecessor | | | Successor | |
| | Fiscal Year Ended June 30, | | | Six Months Ended December 31, | | | July 1, 2011 through | | | July 21, 2011 through December 31, | |
| | 2007 | | | 2008 | | | 2009 | | | 2010 | | | 2011 | | | 2010 | | | July 20, 2011 | | | 2011 | |
| | (dollars in thousands) | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Earnings: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations before income taxes | | $ | 102,775 | | | $ | 123,120 | | | $ | 113,062 | | | $ | 140,996 | | | $ | 145,663 | | | $ | 69,809 | | | $ | (62,317 | ) | | $ | (16,093 | ) |
Add: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fixed charges | | | 14,964 | | | | 21,390 | | | | 21,984 | | | | 18,304 | | | | 19,736 | | | | 9,256 | | | | 1,080 | | | | 56,666 | |
Earnings (losses) adjusted for fixed charges | | $ | 117,739 | | | $ | 144,510 | | | $ | 135,046 | | | $ | 159,300 | | | $ | 165,399 | | | $ | 79,065 | | | $ | (61,237 | ) | | $ | 40,573 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fixed Charges: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense, including amortization of expenses related to indebtedness | | $ | 35 | | | $ | 3,288 | | | $ | 5,104 | | | $ | 1,202 | | | $ | 859 | | | $ | 316 | | | $ | 19 | | | $ | 48,947 | |
Estimate of the interest expense component of rent expense (1) | | | 14,929 | | | | 18,102 | | | | 16,880 | | | | 17,102 | | | | 18,877 | | | | 8,940 | | | | 1,061 | | | | 7,719 | |
Total fixed charges | | $ | 14,964 | | | $ | 21,390 | | | $ | 21,984 | | | $ | 18,304 | | | $ | 19,736 | | | $ | 9,256 | | | $ | 1,080 | | | $ | 56,666 | |
Ratio of earnings to fixed charges (2) | | | 7.9 | | | | 6.8 | | | | 6.1 | | | | 8.7 | | | | 8.4 | | | | 8.5 | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deficiency of earnings available to cover fixed charges | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 62,317 | | | | 16,093 | |
Notes:
| (1) | Half of rent expense is deemed to be representative of interest. |
(2) For purposes of calculating the ratio of earnings to fixed charges, earnings represent income (loss) from continuing operations before income taxes plus fixed charges. Fixed charges include interest expense (including amortization of original issue discount and debt issuance costs) and the portion of operating rental expense that our management believes is representative of the interest component of rent expense. The ratio of earnings to fixed charges is not presented for the periods in which earnings were inadequate to cover fixed charges. See the Deficiency of earnings available to cover fixed charges line above for the amount of the deficiency.