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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) 2008 2009 2010 2011
2012
Computation of earnings:
Income (loss) before income taxes and
adjustment for (income) loss from equity
investees
$
(1,777.2
)
$
(461.2
)
$
(37.1
)
$
28.3
$
185.8
Distributed income from equity investees
—
—
0.2
0.5
1.2
Fixed charges
397.3
413.1
420.7
324.9
312.4
Total earnings
$
(1,379.9
)
$
(48.1
)
$
383.8
$
353.7
$
499.4
Computation of fixed charges:
Interest expense
$
351.8
$
389.3
$
394.7
$
302.0
$
294.4
Amortization of deferred financing costs and
debt premium
38.6
16.2
18.0
15.7
13.6
Portion of rent expense representative of interest
(1)
6.9
7.6
8.0
7.2
4.4
Total fixed charges
$
397.3
$
413.1
$
420.7
$
324.9
$
312.4
Ratio of earnings to fixed charges
(2)
(2)
(2)
1.1
1.6
(1)
Fixed charges include a reasonable estimation of the interest factor included in rental expense.
(2)
For the years ended December 31, 2008, 2009 and 2010, earnings available for fixed charges were inadequate to cover fixed charges by $1,777.2
million, $461.2 million and $37.0 million, respectively.