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EXHIBIT 12.1
CARL KARCHER ENTERPRISES, INC.
COMPUTATION OF RATIO OF DEBT TO EQUITY
FISCAL YEAR ENDED JANUARY 31,
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1994 1993 1992 1991 1990
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Debt:
Current portion of long-term
debt.......................... $13,207 $ 28,467 $ 29,759 $ 30,554 $ 27,892
Current portion of capital lease
obligations................... 3,354 3,158 2,959 2,251 1,914
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16,561 31,625 32,718 32,805 29,806
Long-term debt................... 17,414 31,742 50,485 58,297 67,652
Capital lease obligations........ 45,886 48,512 51,589 58,840 56,985
63,300 80,254 102,074 117,137 124,637
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$79,861 $111,879 $134,792 $149,942 $154,443
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Shareholders' equity:
Common stock..................... $33,928 $ 28,793 $ 26,788 $ 27,532 $ 26,948
Retained earnings................ 58,148 55,939 62,891 51,286 39,684
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$92,076 $ 84,732 $ 89,679 $ 78,818 $ 66,632
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Ratio of debt to equity............ 0.9x 1.3x 1.5x 1.9x 2.3x
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