Attached files
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(dollar amounts in thousands, except ratios)
| Fiscal Year Ended | Thirteen Weeks Ended December 25, 2011 (unaudited) |
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| September 30, 2007 |
September 28, 2008 |
September 27, 2009 |
September 26, 2010 |
September 25, 2011 | ||||||||||||||||||||||||||||
| (actual) | (pro forma)(A) | (actual) | (pro forma)(A) | |||||||||||||||||||||||||||||
| Earnings: |
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| Pretax income from continuing operations |
$ | (17,195 | ) | $ | (46,158 | ) | $ | (168,916 | ) | $ | (60,507 | ) | $ | (55,479 | ) | $ | (57,545 | ) | $ | (12,432 | ) | $ | (12,721 | ) | ||||||||
| Plus: |
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| Fixed charges |
25,500 | 25,256 | 23,562 | 18,327 | 17,342 | 19,408 | 4,850 | 5,139 | ||||||||||||||||||||||||
| Amortization of capitalized interest |
2,028 | 2,064 | 2,319 | 1,057 | 811 | 811 | 155 | 155 | ||||||||||||||||||||||||
| Distributed income of equity investees |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
| Share of pre-tax losses of equity investees |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
| Minus: |
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| Interest capitalized |
(2,577 | ) | (966 | ) | (589 | ) | (1,071 | ) | (972 | ) | (972 | ) | (295 | ) | (295 | ) | ||||||||||||||||
| Preference security dividend requirements |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
| Minority interest in pre-tax income of subsidiaries |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
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| Adjusted pretax income from continuing operations |
$ | 7,756 | $ | (19,804 | ) | $ | (143,624 | ) | $ | (42,194 | ) | $ | (38,298 | ) | $ | (38,298 | ) | $ | (7,722 | ) | $ | (7,722 | ) | |||||||||
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| Fixed Charges: |
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| Add: |
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| Interest expensed and capitalized(B) |
$ | 19,051 | $ | 19,212 | $ | 19,109 | $ | 16,113 | $ | 15,185 | $ | 17,332 | $ | 4,216 | $ | 4,525 | ||||||||||||||||
| Amortized premiums, discounts and capitalized expense related to indebtedness |
1,521 | 1,521 | 1,242 | 834 | 852 | 771 | 362 | 342 | ||||||||||||||||||||||||
| Estimate of interest within rental expense |
4,928 | 4,523 | 3,211 | 1,380 | 1,305 | 1,305 | 272 | 272 | ||||||||||||||||||||||||
| Preference security dividend requirements |
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| Total fixed charges |
$ | 25,500 | $ | 25,256 | $ | 23,562 | $ | 18,327 | $ | 17,342 | $ | 19,408 | $ | 4,850 | $ | 5,139 | ||||||||||||||||
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| Ratio of earnings to fixed charges |
0.30 | (0.78) | (6.10) | (2.30) | (2.21) | (1.97) | (1.59) | (1.50) | ||||||||||||||||||||||||
| Deficiency |
$ | 17,744 | $ | 45,060 | $ | 167,186 | $ | 60,521 | $ | 55,640 | $ | 57,706 | $ | 12,572 | $ | 12,861 | ||||||||||||||||
| (A) | Assumes the 3.25% Tender/Exchange Offer and Private Placement amounts equal to the commitments to participate as agreed to by certain holders of Outstanding 3.25% Notes prior to the commencement of the 3.25% Tender/Exchange Offer and the Private Placement. |
| (B) | For the fiscal years ended September 30, 2007, September 28, 2008, September 27, 2009, September 26, 2010, September 25, 2011 and the thirteen weeks ended December 25, 2011, Interest expensed and capitalized includes non-cash interest of $7,562, $8,075, $8,793, $8,456, $7,576 and $1,672, respectively, from the company’s adoption of Financial Accounting Standards Board guidance for accounting of convertible debt instruments. Pro forma interest expensed and capitalized for the fiscal year ended September 25, 2011, and the thirteen weeks ended December 25, 2011 includes non-cash interest of $6,172 and $1,097, respectively, from the company’s adoption of the same guidance. |