Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
Our consolidated ratio of earnings to fixed charges for each of the periods indicated are as follows:
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(in thousands except ratio data) |
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Six- |
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Fiscal Year Ended |
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June 28, |
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December |
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December |
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December |
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December |
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December |
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Earnings(1): |
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Income before taxes |
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$ |
6,343 |
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$ |
9,978 |
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$ |
11,681 |
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$ |
4,325 |
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$ |
6,476 |
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$ |
6,197 |
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Fixed charges |
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1,254 |
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872 |
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764 |
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885 |
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881 |
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879 |
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Amortization of capitalized interest |
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— |
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— |
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— |
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— |
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— |
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— |
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Distributed income of equity investees |
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— |
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— |
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— |
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— |
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— |
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— |
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Interest capitalized |
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— |
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— |
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— |
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— |
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— |
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— |
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Preference security dividend requirements of consolidated subsidiaries |
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— |
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— |
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— |
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— |
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— |
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— |
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Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
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— |
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— |
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— |
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— |
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— |
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— |
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Total Earnings: |
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$ |
7,597 |
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$ |
10,850 |
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$ |
12,445 |
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$ |
5,210 |
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$ |
7,357 |
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$ |
7,076 |
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Fixed Charges (2): |
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Interest expensed and capitalized |
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$ |
1,187 |
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$ |
734 |
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$ |
740 |
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$ |
859 |
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$ |
861 |
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$ |
859 |
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Amortized premiums, discounts and capitalized expenses related to indebtedness |
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67 |
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138 |
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24 |
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26 |
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20 |
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20 |
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Interest portion of rental expense |
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Total fixed charges: |
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$ |
1,254 |
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$ |
872 |
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$ |
764 |
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$ |
885 |
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$ |
881 |
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$ |
879 |
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Ratio of earnings to fixed charges |
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6.06 |
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12.44 |
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16.29 |
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5.89 |
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8.35 |
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8.05 |
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(1)”Earnings” is calculated by adding (a) pre-tax income from continuing operations; (b) fixed charges (excluding capitalized interest); and (c) amortization of capitalized interest.
(2) “Fixed Charges” means the sum of the following: (a) interest expensed and capitalized (excluding interest expense related to uncertain tax positions), (b) amortized premiums, discounts and capitalized expenses related to indebtedness, and (c) an estimate of the interest within rental expense.
For the periods indicated above, we had no outstanding shares of preferred stock with required dividend payments. Therefore, the ratios of earnings to fixed charges and preferred stock dividends are identical to the ratios presented in the table above.