Attached files
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| S-1/A - AMENDMENT NO. 2 TO FORM S-1 - UNIFIED GROCERS, INC. | d305070ds1a.htm |
EXHIBIT 12.1
UNIFIED GROCERS, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands except for ratios)
| Thirteen Weeks Ended December 31, 2011 |
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| Fiscal Year | ||||||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
| (1) Earnings: |
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| Net Earnings |
$ | 4,125 | $ | 7,387 | $ | 10,978 | $ | 14,755 | $ | 17,369 | $ | 14,406 | ||||||||||||
| Income taxes |
2,033 | 5,273 | 6,123 | 7,857 | 9,183 | 9,780 | ||||||||||||||||||
| Patronage dividends |
1,677 | 12,431 | 14,038 | 16,723 | 22,059 | 17,680 | ||||||||||||||||||
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| Subtotal: Net earnings before income taxes and patronage dividends |
7,835 | 25,091 | 31,139 | 39,335 | 48,611 | 41,866 | ||||||||||||||||||
| Amortization of capitalized interest |
24 | 115 | 130 | 142 | 127 | 87 | ||||||||||||||||||
| Fixed charges |
3,362 | 16,212 | 13,055 | 13,181 | 18,065 | 17,263 | ||||||||||||||||||
| Less: Capitalized interest |
— | (2,634 | ) | (397 | ) | (351 | ) | (242 | ) | (1,596 | ) | |||||||||||||
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| Earnings (a) |
$ | 11,221 | $ | 38,784 | $ | 43,927 | $ | 52,307 | $ | 66,561 | $ | 57,620 | ||||||||||||
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| (2) Fixed Charges: |
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| Gross rental expense |
$ | 5,512 | $ | 22,923 | $ | 22,755 | $ | 23,792 | $ | 27,315 | $ | 22,280 | ||||||||||||
| Less: Estimated rent component |
5,224 | 21,687 | 21,608 | 22,645 | 25,313 | 20,453 | ||||||||||||||||||
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| Estimated interest component of rental expense |
288 | 1,236 | 1,147 | 1,147 | 2,002 | 1,827 | ||||||||||||||||||
| Interest expense |
3,074 | 12,342 | 11,511 | 11,683 | 15,821 | 13,840 | ||||||||||||||||||
| Capitalized interest |
— | 2,634 | 397 | 351 | 242 | 1,596 | ||||||||||||||||||
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| Total fixed charges (b) |
$ | 3,362 | $ | 16,212 | $ | 13,055 | $ | 13,181 | $ | 18,065 | $ | 17,263 | ||||||||||||
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| Ratio of Earnings to Fixed Charges (a)/(b) |
3.34x | 2.39x | 3.36x | 3.97x | 3.68x | 3.34x | ||||||||||||||||||
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(a)(b)—Cross-reference on page.
| (1) | Earnings used in computing the ratio of earnings to fixed charges consist of net earnings before income taxes and patronage dividends, plus amortization of capitalized interest and fixed charges, less capitalized interest. |
| (2) | Fixed charges consist of the sum of the portion of rental expense that is representative of the interest factor, interest expense (including amortization of deferred financing costs) and capitalized interest. |