Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the periods indicated below, the computation of ratio of earnings to fixed charges is as follows (dollars in thousands):
| Thirteen weeks ended | ||||||||||||||||||||||||
| March 28, 2018 | December 27, 2017 | December 28, 2016 | December 30, 2015 | December 31, 2014 | December 25, 2013 | |||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||
| Income before income taxes | $ | 6,177 | $ | 160,293 | $ | 28,496 | $ | 6,428 | $ | 2,780 | $ | 5,883 | ||||||||||||
| Add: | ||||||||||||||||||||||||
| Fixed charges | 1,928 | 6,409 | 3,912 | 2,943 | 2,032 | 1,155 | ||||||||||||||||||
| Less: | ||||||||||||||||||||||||
| Capitalized interest | 44 | 164 | - | 108 | - | - | ||||||||||||||||||
| Net income attributable to non-controlling interests | 1,471 | 9,204 | 9,700 | 11,900 | - | - | ||||||||||||||||||
| Total earnings | $ | 6,590 | $ | 157,334 | $ | 22,708 | $ | (2,637 | ) | $ | 4,812 | $ | 7,038 | |||||||||||
| Fixed charges: | ||||||||||||||||||||||||
| Interest expensed and capitalized, inclusive of amortized premiums, discounts and capitalized expenses related to indebtedness | $ | 609 | $ | 1,806 | $ | 374 | $ | 440 | $ | 365 | $ | 56 | ||||||||||||
| Estimate of the interest component of rental expense (25% of rental expense) | 1,319 | 4,603 | 3,538 | 2,503 | 1,667 | 1,099 | ||||||||||||||||||
| Total fixed charges | $ | 1,928 | $ | 6,409 | $ | 3,912 | $ | 2,943 | $ | 2,032 | $ | 1,155 | ||||||||||||
| Ratio of earnings to fixed charges | 3.42 | x | 24.55 | x | 5.80x | * | 2.37 | x | 6.09 | x | ||||||||||||||
* Earnings for fiscal year ended December 30, 2015 were inadequate to cover fixed charges by $5,580.
“Fixed charges” is defined in Item 503 of Reg S-K as sum of the following: (a) interest expensed and capitalized, (b) amortized premiums, discounts and capitalized expenses related to indebtedness, (c) an estimate of the interest within rental expense, and (d) preference security dividend requirements of consolidated subsidiaries.
“Earnings” is defined as the result from adding and subtracting the following items - add the following: (a) pre-tax income from continuing operations before adjustment for income or loss from equity investees; (b) fixed charges; (c) amortization of capitalized interest; (d) distributed income of equity investees; and (e) your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges. From the total of the added items, subtract the following: (a) interest capitalized; (b) preference security dividend requirements of consolidated subsidiaries; and (c) the noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges.