Attached files
EXHIBIT 12.1
SCHOOL SPECIALTY, INC.
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
Fiscal Year | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Earnings | ||||||||||||||||||||
Income before income taxesContinuing operations |
$ | (428,367 | ) | $ | 44,231 | $ | 45,100 | $ | 62,855 | $ | 54,967 | |||||||||
Discontinued operations |
| | | (10,230 | ) | (34,438 | ) | |||||||||||||
Subtotal |
(428,367 | ) | 44,231 | 45,100 | 52,625 | 20,529 | ||||||||||||||
Plus: |
||||||||||||||||||||
Fixed charges |
30,415 | 33,258 | 33,251 | 34,408 | 32,357 | |||||||||||||||
Amortization of capitalized interest |
146 | 146 | 104 | 72 | 36 | |||||||||||||||
Less interest capitalized during period |
(172 | ) | (180 | ) | (70 | ) | (272 | ) | (336 | ) | ||||||||||
$ | (397,978 | ) | $ | 77,455 | $ | 78,385 | $ | 86,833 | $ | 52,586 | ||||||||||
Fixed Charges | ||||||||||||||||||||
Interest (expensed or capitalized) |
$ | 25,538 | $ | 27,773 | $ | 28,174 | $ | 29,243 | $ | 27,875 | ||||||||||
Estimated portion of rent expense representative of interest |
2,513 | 2,872 | 3,117 | 3,206 | 3,117 | |||||||||||||||
Amortization of deferred financing fees |
2,364 | 2,613 | 1,960 | 1,959 | 1,365 | |||||||||||||||
$ | 30,415 | $ | 33,258 | $ | 33,251 | $ | 34,408 | $ | 32,357 | |||||||||||
Ratio of earnings to fixed charges |
(13.1 | )(1) | 2.3 | 2.4 | 2.5 | 1.6 | ||||||||||||||
(1) | Earnings for Fiscal 2011 were inadequate to cover fixed charges. The coverage deficiency was $428,000. |