Attached files
EXHIBIT 12.1
SCHOOL SPECIALTY, INC.
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
Fiscal Year | ||||||||||||||||||||
2010 | 2009 (1) | 2008 (1) | 2007 (1)(2) | 2006 (1) | ||||||||||||||||
Earnings | ||||||||||||||||||||
Income before income taxes - Continuing operations |
$ | 44,231 | $ | 45,100 | $ | 62,855 | $ | 54,967 | $ | 27,014 | ||||||||||
Discontinued operations |
| | (10,230 | ) | (34,438 | ) | (29,572 | ) | ||||||||||||
Subtotal |
44,231 | 45,100 | 52,625 | 20,529 | (2,558 | ) | ||||||||||||||
Plus: |
||||||||||||||||||||
Fixed charges |
33,258 | 33,251 | 34,408 | 32,357 | 22,776 | |||||||||||||||
Amortization of capitalized interest |
146 | 104 | 72 | 36 | 49 | |||||||||||||||
Less interest capitalized during period |
(180 | ) | (70 | ) | (272 | ) | (336 | ) | | |||||||||||
$ | 77,455 | $ | 78,385 | $ | 86,833 | $ | 52,586 | $ | 20,267 | |||||||||||
Fixed Charges | ||||||||||||||||||||
Interest (expensed or capitalized) |
$ | 27,773 | $ | 28,174 | $ | 29,243 | $ | 27,875 | $ | 21,766 | ||||||||||
Estimated portion of rent expense representative of interest |
2,872 | 3,117 | 3,206 | 3,117 | 3,511 | |||||||||||||||
Amortization of deferred financing fees |
2,613 | 1,960 | 1,959 | 1,365 | 1,314 | |||||||||||||||
$ | 33,258 | $ | 33,251 | $ | 34,408 | $ | 32,357 | $ | 26,591 | |||||||||||
Ratio of earnings to fixed charges |
2.3 | 2.4 | 2.5 | 1.6 | 0.8 | |||||||||||||||
(1) | See Note 8 of Notes to Consolidated Financial Statements regarding adjustment pursuant to ASC Topic 470-20. |
(2) | The restatement described in Footnote 17 of the Financial Statements has been reflected in selling, general, and administrative expenses and equity. |