EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for each of the periods indicated. To date we have not issued any preferred stock. Therefore, the ratio of earnings to combined fixed charges and preferred stock dividend requirements are the same as the ratio of earnings to fixed charges presented below (in thousands except for ratio calculation).
Fiscal Year Ended | Three Months Ended March 31, 2013 | |||||||||||||||||||||||
December 28, 2008 | January 3, 2010 | January 2, 2011 | January 1, 2012 | December 30, 2012 | ||||||||||||||||||||
Loss before income taxes | $ | (9,409 | ) | $ | (9,817 | ) | $ | (61 | ) | $ | (7,544 | ) | $ | (12,296 | ) | $ | (3,527 | ) | ||||||
Add: Fixed charges(1): | ||||||||||||||||||||||||
Interest expensed | 225 | 93 | 67 | 36 | 61 | 9 | ||||||||||||||||||
Interest on rental expense | 211 | 194 | 155 | 155 | 164 | 78 | ||||||||||||||||||
Preferred dividends | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total—fixed charges | 436 | 287 | 222 | 191 | 225 | 87 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Earnings (losses) | $ | (8,973 | ) | $ | (9,530 | ) | $ | 161 | $ | (7,353 | ) | $ | (12,071 | ) | $ | (3,440 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of earnings to fixed charges(2) | — | — | 0.73 | — | — | — |
(1) | Fixed charges, which includes interest expense plus the portion of interest expense under operating leases deemed by us to be representative of the interest factor. |
(2) | Due to our losses in the years ended December 28, 2008, January 3, 2010, January 2, 2011, January 1, 2012 and December 30, 2012 and the three months ended March 31, 2013, the ratio coverage was less than 1:1. Additional earnings of $9.4 million, $ 9.8 million, $ 61,000, $ 7.5 million and $ 12.3 million in 2008, 2009, 2010, 2011 and 2012, respectively, and $3.5 million in the three months ended March 31, 2013 would have been required to achieve a ratio of 1:1. |