Attached files
Exhibit 12.1
CKE RESTAURANTS, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
(Unaudited)
Successor
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Predecessor
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Twenty-Nine
Weeks Ended
January 31, 2011
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Twenty-Four
Weeks Ended
July 12, 2010
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Fiscal 2010
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Fiscal 2009
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Fiscal 2008
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Fiscal 2007
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Earnings(1):
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(Loss) income before income taxes and discontinued operations
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$ | (40,083 | ) | $ | 257 | $ | 63,176 | $ | 58,489 | $ | 59,731 | $ | 88,213 | |||||||||||
Fixed charges
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61,527 | 22,973 | 50,413 | 59,977 | 64,291 | 50,231 | ||||||||||||||||||
Less: capitalized interest
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(414 | ) | (282 | ) | (766 | ) | (1,294 | ) | (2,059 | ) | (784 | ) | ||||||||||||
$ | 21,030 | $ | 22,948 | $ | 112,823 | $ | 117,172 | $ | 121,963 | $ | 137,660 | |||||||||||||
Fixed charges(2):
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Interest expense
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$ | 43,689 | $ | 8,617 | $ | 19,254 | $ | 28,609 | $ | 33,033 | $ | 19,768 | ||||||||||||
Capitalized interest
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414 | 282 | 766 | 1,294 | 2,059 | 784 | ||||||||||||||||||
Interest component of rent expense
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17,424 | 14,074 | 30,393 | 30,074 | 29,199 | 29,679 | ||||||||||||||||||
$ | 61,527 | $ | 22,973 | $ | 50,413 | $ | 59,977 | $ | 64,291 | $ | 50,231 | |||||||||||||
Ratio of earnings to fixed charges
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0.3 | 1.0 | 2.2 | 2.0 | 1.9 | 2.7 | ||||||||||||||||||
Deficiency (if fixed charges exceed earnings)
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$ | (40,497 | ) | $ | (25 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||
Rent expense
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52,273 | 42,221 | 91,178 | 90,221 | 87,597 | 89,038 | ||||||||||||||||||
Interest component (1/3 of rent expense)
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17,424 | 14,074 | 30,393 | 30,074 | 29,199 | 29,679 |
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(1)
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“Earnings” consists of (loss) income before income taxes and discontinued operations plus fixed charges less capitalized interest.
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(2)
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“Fixed charges” include interest both expensed and capitalized, amortized discounts and capitalized expenses related to indebtedness and an estimate of the interest within rental expense.
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