EXHIBIT 12.1
CDW CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
Years ended December 31, | Six months ended June 30, | |||||||||||||||||||||||||||
(dollars in millions) | 2012 | 2013 | 2014 | 2015 | 2016 | 2016 | 2017 | |||||||||||||||||||||
Computation of earnings: | ||||||||||||||||||||||||||||
Income (loss) before income taxes and adjustment for (income) loss from equity investees | $ | 185.8 | $ | 194.9 | $ | 385.5 | $ | 657.2 | $ | 671.2 | $ | 310.5 | $ | 268.8 | ||||||||||||||
Distributed income from equity investees | 1.2 | 1.0 | 1.1 | 1.0 | 1.1 | 0.7 | 0.2 | |||||||||||||||||||||
Fixed charges | 312.4 | 254.3 | 202.8 | 164.5 | 153.9 | 77.7 | 77.7 | |||||||||||||||||||||
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Total earnings | $ | 499.4 | $ | 450.2 | $ | 589.4 | $ | 822.7 | $ | 826.2 | $ | 388.9 | $ | 346.8 | ||||||||||||||
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Computation of fixed charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 294.4 | $ | 241.8 | $ | 191.3 | $ | 153.5 | $ | 141.8 | $ | 72.0 | $ | 71.9 | ||||||||||||||
Amortization of deferred financing costs and debt premium | 13.6 | 8.8 | 6.4 | 6.4 | 6.5 | 3.3 | 3.7 | |||||||||||||||||||||
Portion of rent expense representative of interest(1) | 4.4 | 3.7 | 5.1 | 4.6 | 5.6 | 2.4 | 2.2 | |||||||||||||||||||||
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Total fixed charges | $ | 312.4 | $ | 254.3 | $ | 202.8 | $ | 164.5 | $ | 153.9 | $ | 77.7 | $ | 77.7 | ||||||||||||||
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Ratio of earnings to fixed charges | 1.6 | 1.8 | 2.9 | 5.0 | 5.4 | 5.0 | 4.5 | |||||||||||||||||||||
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(1) | Fixed charges include a reasonable estimation of the interest factor included in rental expense. |