Pep Boys 2007 Annual Report Download - page 141
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Exhibit 12
February 2, February 3, January 28, January 29, January 31,
Fiscal year 2008 2007 2006 2005 2004
(in thousands, except ratios)
Interest ....................... $51,293 $ 49,342 $ 49,040 $35,965 $ 38,255
Interest factor in rental expense ..... 23,085 19,984 22,534 20,314 21,269
Capitalized interest ............... — 799 867 659 —
(a) Fixed charges, as defined ........... $74,378 $ 70,125 $ 72,441 $56,938 $ 59,524
(Loss) Earnings from continuing
operations before income taxes and
cumulative effect of change in
accounting principle ............ $(63,032) $(13,470) $(57,622) $38,307 $(26,622)
Fixed charges ................... 74,378 70,125 72,441 56,938 59,524
Capitalized interest ............... — (799) (867) (659) —
(b) Earnings, as defined .............. $11,346 $ 55,856 $ 13,952 $94,586 $ 32,902
(c) Ratio of earnings to fixed charges
(ba)........................ — — — 1.7x —
The ratio of earnings to fixed charges is completed by dividing earnings by fixed charges.
‘‘Earnings’’ consist of earnings before income taxes plus fixed charges (exclusive of capitalized interest
costs) plus one-third of rental expense (which amount is considered representative of the interest factor
in rental expense). Earnings, as defined, were not sufficient to cover fixed charges by approximately
$63.0, $14.3, $58.4 and $26.6 million for fiscal years ended February 2, 2008; February 3, 2007;
January 28, 2006 and January 31, 2004, respectively.
10-K