Exhibit 12.1
Calculation of Ratio of Earnings to Fixed Charges
Year ended December 31, | Nine months ended Sept. 28, | |||||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | 2012 | |||||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expense | $ | 2,085 | $ | 2,264 | $ | 1,304 | $ | 2,661 | $ | 2,812 | $ | 2,408 | ||||||||||||
Interest capitalized | 378 | 370 | 112 | 31 | 48 | 141 | ||||||||||||||||||
Interest portion of rent | 2,626 | 2,517 | 2,792 | 3,290 | 2,959 | 2,079 | ||||||||||||||||||
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Total fixed charges | 5,089 | 5,151 | 4,208 | 5,982 | 5,819 | 4,628 | ||||||||||||||||||
Earnings | ||||||||||||||||||||||||
add: | ||||||||||||||||||||||||
Pretax income | 82,705 | 26,076 | (20,784 | ) | 70,968 | 54,266 | 33,421 | |||||||||||||||||
Amortization of capitalized interest | 567 | 595 | 517 | 499 | 441 | 450 | ||||||||||||||||||
less: | ||||||||||||||||||||||||
Interest capitalized | 378 | 370 | 112 | 31 | 48 | 141 | ||||||||||||||||||
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Total earnings | $ | 82,894 | $ | 26,301 | $ | (20,379 | ) | $ | 71,436 | $ | 54,659 | $ | 33,730 | |||||||||||
Ratio | 16.29 | 5.11 | — | 11.94 | 9.39 | 7.29 |
Total earnings were insufficient to cover the fixed charges for 2009 by $24.6 million primarily due to operating losses. Accordingly, such ratio is not presented for the year ended December 31, 2009.
Fixed charges are equal to interest expense (including amortization of deferred financing costs), plus the portion of rent expense estimated to represent interest.