CERTIFIED GROCERS OF CALIFORNIA, LTD. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
FISCAL YEAR
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1996 1995 1994 1993 1992
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(THOUSANDS OMITTED EXCEPT FOR RATIOS)
Adjusted net earnings:
Net earnings (loss)...................................... $ 1,517 $ 769 $ 94 $ 473 $ (3,648)
Income tax provision (benefit)........................... 745 106 203 530 (794)
Interest expense......................................... 14,406 15,260 15,405 15,784 17,253
Estimated interest component of rental expense(c)........ 2,105 2,263 2,214 2,099 1,987
Declared Patronage Dividends............................. 13,200 11,571 10,837 12,880 12,977
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Adjusted net earnings(a)............................... $ 31,973 $ 29,969 $ 28,753 $ 31,766 $ 27,775
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Fixed Charges:
Gross rental expense..................................... $ 20,539 $ 21,051 $ 22,707 $ 23,326 $ 22,082
Less, estimated rent component........................... 18,434 18,788 20,493 21,227 20,095
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Estimated interest component of rental expense(c)........ 2,105 2,263 2,214 2,099 1,987
Interest incurred........................................ 14,406 15,260 15,405 15,784 17,253
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Fixed charges(b)....................................... $ 16,511 $ 17,523 $ 17,619 $ 17,883 $ 19,240
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Ratio of Earnings to Fixed Charges(a)/(b).................. 1.94x 1.71x 1.63x 1.78x 1.44x
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(a)(b)(c) -- Cross-reference on page.
EXHIBIT 12.1