CERTIFIED GROCERS OF CALIFORNIA, LTD. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
THIRTEEN WEEKS
ENDED FISCAL YEAR
DECEMBER 3, -----------------------------------------------------
1994 1994 1993 1992 1991 1990
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(THOUSANDS OMITTED EXCEPT FOR RATIOS)
Adjusted net earnings:
Net earnings (loss)........................ $ 39 $ 94 $ 473 $ (3,648) $ (4,682) $ 2,332
Income tax provision (benefit)............. 29 203 530 (794) (2,842) 1,185
Interest expense........................... 3,713 15,405 15,784 17,253 19,005 17,437
Estimated interest component of rental
expense(c)................................ 537 2,214 2,099 1,987 2,784 2,466
Patronage Dividends........................ 2,220 10,837 12,880 12,977 19,979 30,641
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Adjusted net earnings(a)................. $ 6,538 $ 28,753 $ 31,766 $ 27,775 $ 34,244 $ 54,061
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Fixed Charges:
Gross rental expense....................... $ 5,113 $ 22,707 $ 23,326 $ 22,082 $ 23,198 $ 20,551
Less, estimated rent component............. 4,576 20,493 21,227 20,095 20,414 18,085
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Estimated interest component of rental
expense(c)................................ 537 2,214 2,099 1,987 2,784 2,466
Interest incurred.......................... 3,713 15,405 15,784 17,253 19,005 17,437
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Fixed charges(b)......................... $ 4,250 $ 17,619 $ 17,883 $ 19,240 $ 21,789 $ 19,903
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Ratio of Earnings to Fixed Charges(a)/ (b)... 1.54x 1.63x 1.78x 1.44x 1.57x 2.72x
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(a)(b)(c) -- Cross-reference on page.
EXHIBIT 12.1