Attached files
EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges
| For the years | ||||||||||||||||||||
| (in thousands, except ratio data) | January 2, 2005 to December 31, 2005 |
January 1, 2006 to December 30, 2006 |
December 31, 2006 to December 29, 2007 |
December 30, 2007 to January 3, 2009 |
January 4, 2009 to January 2, 2010 |
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| Income (loss) before income tax |
$ | 2,928 | $ | (1,414 | ) | $ | (33,959 | ) | $ | (244,495 | ) | $ | (31,950 | ) | ||||||
| Fixed charges: |
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| Interest expense, net (1) |
$ | (26,797 | ) | $ | (34,807 | ) | $ | (37,841 | ) | $ | (33,936 | ) | $ | (28,808 | ) | |||||
| Interest portion of rentals (2) |
(1,242 | ) | (1,862 | ) | (2,068 | ) | (2,121 | ) | (2,042 | ) | ||||||||||
| Total fixed charges |
$ | (28,039 | ) | $ | (36,669 | ) | $ | (39,909 | ) | $ | (36,057 | ) | $ | (30,850 | ) | |||||
| Total earnings available for payment of fixed charges |
$ | 30,967 | $ | 35,255 | $ | 5,950 | $ | (208,438 | ) | $ | (1,100 | ) | ||||||||
| Ratio of earnings to fixed charges |
1.10 | * | * | * | * | |||||||||||||||
| (1) | Interest expense includes amortization of deferred debt issuance costs of $2.8 million, $3.0 million, $2.8 million, $3.0 million, and $3.0 million for the years ended December 31, 2005, December 30, 2006, December 29, 2007, January 3, 2009 and January 2, 2010, respectively. |
| (2) | Approximately 33 percent of annual rent expense is included in the computation. The Company believes this is a reasonable estimate of the interest factor in its leases. The underlying rent amounts were $3.8 million, $5.6 million, $6.3 million, $6.4 million, and $6.2 million, for the years ended December 31, 2005, December 30, 2006, December 29, 2007, January 3, 2009 and January 2, 2010, respectively. |
| * | Earnings are inadequate to cover fixed charges by $1.4 million, $34.0 million, $244.5 million, and $31.9 million for the years ended December 30, 2006, December 29, 2007, January 3, 2009, and January 2, 2010 respectively. |
12.1