CALLAWAY GOLF CO - FORM 10-K - EX-12.1 - RATIO OF COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS TO EARNINGS - February 28, 2011

Attached files

file	filename
10-K - FORM 10-K - CALLAWAY GOLF CO	d10k.htm
EX-31.1 - CERTIFICATION OF GEORGE FELLOWS - CALLAWAY GOLF CO	dex311.htm
EX-32.1 - CERTIFICATION OF GEORGE FELLOWS AND BRADLEY J. HOLIDAY - CALLAWAY GOLF CO	dex321.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-21.1 - LIST OF SUBSIDIARIES - CALLAWAY GOLF CO	dex211.htm
EX-23.1 - CONSENT OF DELOITTE & TOUCHE LLP - CALLAWAY GOLF CO	dex231.htm

Exhibit 12.1

CALLAWAY GOLF COMPANY

RATIO OF COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS TO EARNINGS

(In Thousands)


		Years Ended December 31,
		2010				2009				2008				2007				2006				2005
EARNINGS:
Income (loss) from continuing operations before income taxes and non-controlling interest		$	(35,215	)		$	(29,128	)		$	100,341			$	88,264			$	34,987			$	14,537
Fixed charges			25,352				17,304				8,817				8,523				8,369				5,624

Total earnings			(9,863	)			(11,824	)			109,158				96,787				43,356				20,161

FIXED CHARGES:
Interest on debt and amortization of deferred financing costs			848				1,737				4,666				5,363				5,421				2,279
Estimated interest expense included in rental expense			4,656				4,522				4,151				3,160				2,948				3,345
Preference security dividends, pre-tax			19,849				11,045				—				—				—				—

Total fixed charges		$	25,353			$	17,304			$	8,817			$	8,523			$	8,369			$	5,624

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

(1)	Earnings for the years ended December 31, 2009 and 2010 were insufficient to cover fixed charges by $29.1 million and $35.2 million, respectively.