EXHIBIT 12
J. BAKER, INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Fiscal Years Ended
--------------------------------------------------------------------------
January 28, February 3, February 1, January 31, January 30,
1995 1996(a) 1997(b) 1998(d) 1999
---- ------- ------- ------- ----
Historical ratio of earnings to fixed charges
Earnings (loss) from continuing operations
before taxes and extraordinary item per
consolidated statements of earnings $36,899 $(64,425) $(157,274) $ 6,251 $ 3,178
Add:
Portion of rents representative of the
interest factor 17,593 17,316 16,283 10,775 10,723
Interest on indebtedness including the
amortization of debt expense and
detachable warrant value(1) 9,735 18,754 19,554 13,497 14,723
----- ------ ------ ------ ------
Earnings (loss) before fixed charges,
as adjusted $64,227 $(28,355) $(121,437) $30,523 $28,624
======= ======== ========= ======= =======
Fixed charges
Interest on indebtedness including the
amortization of debt expense and
detachable warrant value (1) $ 9,735 $ 18,754 $ 19,554 $13,497 $14,723
------- -------- -------- ------- -------
Rents $52,780 $ 51,948 $ 48,850 $32,326 $32,168
Portion of rents representative of
the interest factor (2) $17,593 $ 17,316 $ 16,283 $10,775 $10,723
------- -------- -------- ------- -------
Fixed charges (1) + (2) $27,328 $ 36,070 $ 35,837 $24,272 $25,446
======= ======== ======== ======= =======
Ratio of earnings to fixed charges 2.35x -(c) -(c) 1.26x 1.12x
==== ==== ==== ==== ====
(a) 1996 reflects the impact of restructuring charges of $69,300.
(b) 1997 reflects the impact of restructuring and other non-recurring charges of
$122,309.
(c) For 1996 and 1997, earnings did not cover fixed charges by $28,355 and
$121,437, respectively.
(d) 1998 reflects the impact of litigation settlement charges of $3,432.