1 EXHIBIT 12 -- STATEMENT REGARDING COMPUTATION OF RATIOS Ratio of Earnings to Fixed Charges: (Dollars in thousands) TWELVE WEEKS ENDED FISCAL YEAR ENDED ---------------------- ------------------------------------------------------------ JUNE 21, JUNE 22, MARCH 29, MARCH 30, APRIL 1, APRIL 2, MARCH 27, 1997 1996 1997 1996 1995 1994 1993 --------- --------- --------- --------- --------- -------- -------- Fixed charges: Rent expense, interest portion.......... $1,664 $ 2,065 $ 7,290 $ 7,388 $ 6,710 $ 6,459 $ 5,966 Interest expense, net of interest income 3,062 3,014 13,030 13,087 13,292 13,336 10,318 ------ ------- ------- ------- ------- ------- ------- Fixed charges........................... 4,726 5,079 20,320 20,475 20,002 19,795 16,284 Consolidated net income................. 2,899 (7,112) (244) 9,033 8,573 10,467 9,828 Income taxes............................ 1,248 (3,617) 3,255 8,386 7,287 7,972 8,682 Interest expense........................ 3,062 3,014 13,030 13,087 13,292 13,336 10,318 Rent expense, interest portion.......... 1,664 2,065 7,290 7,388 6,710 6,459 5,966 Less interest capitalized............... (11) (94) (528) (714) (555) (1,257) (1,263) Accounting changes(a)................... -- -- -- -- -- (1,941) -- FAS 121 charges(b)...................... -- 7,366 7,366 -- -- -- -- Benefit curtailment charges(c).......... -- 2,360 2,360 -- -- -- -- ------ ------- ------- ------- ------- ------- ------- Earnings available for fixed charges.... $8,862 $ 3,982 $32,529 $37,180 $35,307 $35,036 $33,531 Ratio of earnings to fixed charges...... 1.88 0.78 1.60 1.82 1.77 1.77 2.06 - ------------- (a) Reflects an increase in net income of $1.9 million in fiscal 1994 as a result of an increase of $3.6 million from the adoption of FAS 109, "Accounting for Income Taxes," partially offset by the recognition of a $1.7 million (net of tax benefit) accrued benefit obligation as a result of the adoption of FAS 106, "Employers Accounting for Postretirement Benefits Other than Pensions." (b) Reflects a pre-tax charge to earnings in the first quarter of fiscal 1997 upon the adoption of FAS 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed of." (c) Reflects a pre-tax charge to earnings in the first quarter of fiscal 1997 from the decision to curtail the accrual of benefits under the Company's qualified defined benefit pension plan.