Pep Boys 2010 Annual Report Download - page 153
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Exhibit 12
Fiscal Year Ended
January 29, January 30, January 31, February 2, February 3,
2011 2010 2009 2008 2007
(dollar amounts in thousands, except ratios)
Interest ......................... $ 26,745 $21,704 $ 27,048 $ 51,293 $ 49,342
Interest factor in rental expense ....... 26,579 25,088 25,717 23,085 19,984
Capitalized interest ................ — — — — 799
(a) Fixed charges, as defined ........... $ 53,324 $46,792 $ 52,765 $ 74,378 $ 70,125
Earnings (loss) from continuing
operations before income taxes and
cumulative effect of change in
accounting principle .............. $ 58,444 $37,616 $(34,977) $(63,032) $(13,470)
Fixed charges .................... 53,324 46,792 52,765 74,378 70,125
Capitalized interest ................ — — — — (799)
(b) Earnings, as defined .............. $111,768 $84,408 $ 17,788 $ 11,346 $ 55,856
(c) Ratio of earnings to fixed charges
(bǃa).......................... 2.1 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
$35.0 million, $63.0 million, and $14.3 million for fiscal 2008, 2007, and 2006, respectively.