Pacer International, Inc. Exhibit 12.1
Ratio of Earnings to Fixed Charges
Pro Forma Pro Forma Pro Forma
For the For the for the For the For the
Fiscal Three twelve Fiscal Period
Year Months months Year Dec. 28,
Ended Ended ended Ended 1996 to
Dec. 25, Apr. 2, Apr. 2, Dec. 27, Nov. 12,
1998 1999 1999 1996 1996
----------- ------------ ------------ -------------------------
Earnings:
Income before taxes and minority $25.9 $ 6.5 $28.3 $61.5 $36.8
interest charge
Less: Minority interest charge (1.8) (0.5) (1.8) - -
Plus:
Interest 30.1 7.5 30.1 - 2.0
Estimated interest on rent 18.3 4.9 18.5 11.7 12.4
----------------------------------------------------------------------
72.5 18.4 75.1 73.2 51.2
Fixed Charges:
Interest 30.1 7.5 30.1 - 2.0
Estimated interest portion of rent
expense 18.3 4.9 18.5 11.7 12.4
-------- -------- -------- ---------- ----------
48.4 12.4 48.6 11.7 14.4
Ratio of Earnings to Fixed Charges 1.5x 1.5x 1.5x 6.2x 3.6x
=======================================================================
For the For the For the For the
Period Fiscal Three Three
Nov. 13, Year Months Months
1996 to Ended Ended 1998 Ended
Dec. 26, Dec. 25, Apr. 3, Apr. 2
1997 1998 1998 1999
---------------------------------------------------------------
Earnings:
Income before taxes and minority $1.7 $33.2 $ 5.5 $ 7.6
interest charge
Less: Minority interest charge - - - -
Plus:
Interest 0.3 - - -
Estimated interest on rent 1.8 16.6 4.4 4.4
---------------------------------------------------------------
3.8 49.8 9.9 12.0
Fixed Charges:
Interest 0.3 - - -
Estimated interest portion of rent
expense 1.8 16.6 4.4 4.4
----------------- ---------- ----------- ----------
2.1 16.6 4.4. 4.4
Ratio of Earnings to Fixed Charges 1.8x 3.0x 2.3x 2.7x
===============================================================
Note: The estimated interest portion of rent expense is assumed to be one-third
of rent expense.