1 EXHIBIT 12.01 Fairchild Semiconductor Corporation Computation of Ration of Earnings to Fixed Charges (Dollars in millions) Nine months Fiscal year ended May ended February 28, 1994 1995 1996 1997 1998 1998 1999 ------ ------ ------ ------ ------ ---------------- ------ Historical Pro Forma Historical ---------------------------------------------- ---------------- ------ Earnings: Income (loss) before income taxes $125.5 $ 74.3 $ 72.3 $ 21.2 $ 42.6 $ 41.4 $(72.7) $(33.4) Interest expense -- -- -- 9.3 44.7 92.9 67.7 36.8 Interest portion of rental expense 1.5 1.0 1.6 1.7 3.2 3.2 2.7 2.7 ------ ------ ------ ------ ------ ------ ------ ------ Total earnings $127.0 $ 75.3 $ 73.9 $ 32.2 $ 90.5 $137.5 $ (2.3) $ 6.1 ====== ====== ====== ====== ====== ====== ====== ====== Fixed charges: Interest expense -- -- -- 9.3 44.7 92.9 67.7 36.8 Interest portion of rental expense 1.5 1.0 1.6 1.7 3.2 3.2 2.7 2.7 ------ ------ ------ ------ ------ ------ ------ ------ Total fixed charges $ 1.5 $ 1.0 $ 1.6 $ 11.0 $ 47.9 $ 96.1 $ 70.4 $ 39.5 ====== ====== ====== ====== ====== ====== ====== ====== Ratio of earnings to fixed charges 84.7 75.3 46.2 2.9 1.9 1.4 (0.0)(1) 0.2(1) (1) Earnings were inadequate to cover fixed charges by $ 72.7 million and $33.4 million, respectively, for the historical and Pro Forma nine months ended February 28, 1999.