1 EXHIBIT 12.01 Fairchild Semiconductor Corporation Computation of Ratio of Earnings to Fixed Charges (Dollars in millions) Fiscal Year Ended May ------------------------------------------------------------------ 1995 1996 1997 1998 1999 1999 ------ ------ ------ ------ ------ ---------------- Pro Forma Historical as Adjusted ---------------------------------------------- ---------------- Earnings: Income (loss) before income taxes $ 74.3 $ 72.3 $ 21.2 $ 42.6 $(107.9) $(127.5) Interest expense -- -- 9.3 44.7 60.5 79.9 Interest portion of rental expense 1.0 1.6 1.7 3.2 4.2 4.2 ------ ------ ------ ------ ------ ------ Total earnings $ 75.3 $ 73.9 $ 32.2 $ 90.5 $(43.2) $(43.4) ====== ====== ====== ====== ====== ====== Fixed charges: Interest expense -- -- 9.3 44.7 60.5 79.9 Interest portion of rental expense 1.0 1.6 1.7 3.2 4.2 4.2 ------ ------ ------ ------ ------ ------ Total fixed charges $ 1.0 $ 1.6 $ 11.0 $ 47.9 $ 64.7 $ 84.1 ====== ====== ====== ====== ====== ====== Ratio of earnings to fixed charges 75.3 46.2 2.9 1.9 --(1) --(1) (1) Earnings were inadequate to cover fixed charges by $107.9 million and $127.5 million, respectively, for the historical and Pro Forma as adjusted year ended May 30, 1999.