Exhibit 12.1 THE PANTRY, INC. ---------------- SCHEDULE I - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES -------------------------------------------------------------- (Dollars in thousands) Sep. 30, Sep. 29, Sep. 28, Sep. 26, Sep. 25, 1993 1994 1995 1996 1997 -------- -------- -------- -------- ------- Pretax (loss) income.............. $ 3,326 $ (181) $(3,639) $(10,778) $ (975) Fixed charges: Interest expense................. 7,434 12,047 13,241 11,992 13,039 Amortization of deferred financing costs................. 162 908 1,038 1,359 1,461 Preferred stock dividends........ 331 31 - 2,654 5,304 Rental expense (1)............... 2,334 2,183 2,253 2,709 2,901 ------- ------- ------- -------- ------- Total fixed charges............... $10,261 $15,169 $16,532 $ 18,714 $22,705 ------- ------- ------- -------- ------- Earnings.......................... $13,587 $14,988 $12,893 $ 7,936 $21,730 ------- ------- ------- -------- ------- Ratio (shortfall) of earnings to fixed charges........ 1.32 $ (181) $(3,639) $(10,778) $ (975) ======= ======= ======= ======== ======= (1) One-third of rental expense related to operating leases representing an appropriate interest factor.