CALLAWAY GOLF CO - FORM 10-K - EX-12.1 - RATIO OF COMBINED FIXED CHARGES & PREFERENCE DIVIDENDS TO EARNINGS

file	filename
EX-21.1 - LIST OF SUBSIDIARIES - CALLAWAY GOLF CO	dex211.htm
EX-32.1 - CERTIFICATION OF GEORGE FELLOWS AND BRADLEY J. HOLIDAY - CALLAWAY GOLF CO	dex321.htm
EX-23.1 - CONSENT OF DELOITTE & TOUCHE LLP - CALLAWAY GOLF CO	dex231.htm
EX-31.1 - CERTIFICATION OF GEORGE FELLOWS - CALLAWAY GOLF CO	dex311.htm
EX-24.1 - FORM OF LIMITED POWER OF ATTORNEY - CALLAWAY GOLF CO	dex241.htm
EX-31.2 - CERTIFICATION OF BRADLEY J. HOLIDAY - CALLAWAY GOLF CO	dex312.htm
EX-10.35 - INDEMNIFICATION AGREEMENT - CALLAWAY GOLF CO	dex1035.htm
EX-10.21 - FORM OF RESTRICTED STOCK GRANT - CALLAWAY GOLF CO	dex1021.htm
10-K - FORM 10-K - CALLAWAY GOLF CO	d10k.htm

Exhibit 12.1

CALLAWAY GOLF COMPANY

RATIO OF COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS TO EARNINGS

(In Thousands)


	Years Ended December 31,
	2009			2008		2007		2006		2005		2004
EARNINGS:
Income (loss) from continuing operations before income taxes and non-controlling interest	$	(29,128	)	$	100,341	$	88,264	$	34,987	$	14,537	$	(23,713	)
Fixed charges		17,304			8,817		8,523		8,369		5,624		3,707

Total earnings		(11,824	)		109,158		96,787		43,356		20,161		(20,006	)


FIXED CHARGES:
Interest on debt and amortization of deferred financing costs		1,737			4,666		5,363		5,421		2,279		945
Estimated interest expense included in rental expense		4,522			4,151		3,160		2,948		3,345		2,762
Preference security dividends, pre-tax		11,045			—		—		—		—		—

Total fixed charges	$	17,304		$	8,817	$	8,523	$	8,369	$	5,624	$	3,707


RATIO OF EARNINGS TO FIXED CHARGES		—	⁽¹⁾		12.38		11.36		5.18		3.58		—	⁽¹⁾

⁽¹⁾	Earnings for the years ended December 31, 2004 and 2009 were insufficient to cover fixed charges by $23.7 million and $29.1 million, respectively.

CALLAWAY GOLF CO - FORM 10-K - EX-12.1 - RATIO OF COMBINED FIXED CHARGES & PREFERENCE DIVIDENDS TO EARNINGS - February 26, 2010