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EXHIBIT 12.1
CDW CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
Years ended December 31,
(dollars in millions)
2010
2011
2012
2013
2014
Computation of earnings:
Income (loss) before income taxes and
adjustment for (income) loss from equity
investees
$
(37.1
)
$
28.3
$
185.8
$
194.9
$
385.5
Distributed income from equity investees
0.2
0.5
1.2
1.0
1.1
Fixed charges
420.7
324.9
312.4
254.3
202.8
Total earnings
$
383.8
$
353.7
$
499.4
$
450.2
$
589.4
Computation of fixed charges:
Interest expense
$
394.7
$
302.0
$
294.4
$
241.8
$
191.3
Amortization of deferred financing costs and
debt premium
18.0
15.7
13.6
8.8
6.4
Portion of rent expense representative of
interest
(1)
8.0
7.2
4.4
3.7
5.1
Total fixed charges
$
420.7
$
324.9
$
312.4
$
254.3
$
202.8
Ratio of earnings to fixed charges
(2
)
1.1
1.6
1.8
2.9
(1)
Fixed charges include a reasonable estimation of the interest factor included in rental expense.
(2)
For the year ended December 31, 2010, earnings available for fixed charges were inadequate to cover fixed charges by $37.0 million.