Pep Boys 2009 Annual Report Download - page 156
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Exhibit 12
January 30, January 31, February 2, February 3, January 28,
Fiscal Year Ended 2010 2009 2008 2007 2006
(in thousands, except ratios)
Interest ......................... $21,704 $ 27,048 $ 51,293 $ 49,342 $ 49,040
Interest factor in rental expense ....... 25,088 25,717 23,085 19,984 22,534
Capitalized interest ................ — — — 799 867
(a) Fixed charges, as defined ........... $46,792 $ 52,765 $ 74,378 $ 70,125 $ 72,441
Earnings (loss) from continuing
operations before income taxes and
cumulative effect of change in
accounting principle .............. $37,616 $(34,977) $(63,032) $(13,470) $(57,622)
Fixed charges .................... 46,792 52,765 74,378 70,125 72,441
Capitalized interest ................ — — — (799) (867)
(b) Earnings, as defined .............. $84,408 $ 17,788 $ 11,346 $ 55,856 $ 13,952
(c) Ratio of earnings to fixed charges
(bǃa).......................... 1.8 — — — —
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
$34,977, $63,032, $14,269 and $58,489 for fiscal 2008, 2007, 2006 and 2005, respectively.