Abercrombie & Fitch 2013 Annual Report Download - page 99

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ABERCROMBIE & FITCH CO.
Computation of Leverage Ratio and Coverage Ratio
Fiscal 2012
Leverage Ratio Calculation:
Adjusted Total Debt(1) $ 2,512,448
Consolidated EBITDAR(2) $ 1,054,867
Leverage Ratio 2.38
Coverage Ratio Calculation:
Consolidated EBITDAR(2) $ 1,054,867
Net Interest Expense + Long-Term Debt due in One Year + Minimum Rent + Contingent Store Rent $ 425,942
Coverage Ratio 2.48
(1) Adjusted Total Debt means the sum of total debt (excluding specified permitted foreign bank guarantees and trade letters of
credit) plus 600% of forward minimum rent commitments.
(2) Consolidated EBITDAR means, for the fiscal year ended February 2, 2013 ("Fiscal 2012"), Consolidated Net Income for
Fiscal 2012; plus without duplication and to the extent deducted in determining such Consolidated Net Income, the sum of
(i) Interest Expense, (ii) income and franchise (or similar) tax expense, (iii) depreciation and amortization expense (including
impairment of long-term store fixed assets), (iv) Minimum Rent (plus contingent store rent plus non-cash rent expense),
(v) Non-Cash Compensation Charges, (vi) losses on any Specified Auction Rate Securities, in each case not to exceed the
applicable Temporary Impairment for such Specified Auction Rate Securities, (vii) non-cash charges related to the Ruehl Exit
in an aggregate amount not to exceed $50,000,000, (viii) non-recurring cash charges in an aggregate amount not to exceed
$61,000,000 related to the Ruehl Exit, (ix) additional non-recurring non-cash charges in an amount not to exceed $20,000,000
in the aggregate during Fiscal 2012, and (x) other non-recurring cash charges in an amount not to exceed $10,000,000 in the
aggregate during Fiscal 2012 minus without duplication (A) Interest Income, (B) any benefit received from income, franchise
(or similar) tax expense to the extent included in the determination of Consolidated Net Income, (C) gains arising from any
Specified Auction Rate Securities, in each case resulting from the excess of the Fair Value thereof and (D) any cash payments
made during such period that were deducted in determining Consolidated Net Income and added back in determining
Consolidated EBITDAR in a previous Testing Period under clauses (v) or (ix); all as determined in accordance with GAAP on a
consolidated basis for Abercrombie & Fitch Co. and the Subsidiaries) as defined in the Amended and Restated Credit
Agreement, dated as of July 28, 2011, to which Abercrombie & Fitch Management Co. and Abercrombie & Fitch Co. are
parties.)