Exhibit 12.1
Patrick Industries, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands except for ratios)
(Unaudited)
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Three Months |
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Ended |
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March 29, |
For the Years Ended December 31 |
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2015 |
2014 |
2013 |
2012 |
2011 |
2010 |
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Earnings: |
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Income before income taxes |
$ | 14,759 | $ | 49,078 | $ | 38,774 | $ | 21,272 | $ | 8,307 | $ | 1,145 | ||||||||||||
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Add fixed charges: |
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Interest expense (a) |
804 | 2,393 | 2,171 | 4,037 | 4,470 | 5,525 | ||||||||||||||||||
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Portion of rents representative of the interest factor (b) |
293 | 1,012 | 781 | 627 | 467 | 512 | ||||||||||||||||||
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Earnings as adjusted |
$ | 15,856 | $ | 52,483 | $ | 41,726 | $ | 25,936 | $ | 13,244 | $ | 7,182 | ||||||||||||
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Fixed Charges: |
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Interest expense (a) |
$ | 804 | $ | 2,393 | $ | 2,171 | $ | 4,037 | $ | 4,470 | $ | 5,525 | ||||||||||||
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Portion of rents representative of the interest factor (b) |
293 | 1,012 | 781 | 627 | 467 | 512 | ||||||||||||||||||
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Total Fixed Charges |
$ | 1,097 | $ | 3,405 | $ | 2,952 | $ | 4,664 | $ | 4,937 | $ | 6,037 | ||||||||||||
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RATIO OF EARNINGS TO FIXED CHARGES |
14.5 | 15.4 | 14.1 | 5.6 | 2.7 | 1.2 | ||||||||||||||||||
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(a) Interest expense includes amortization expense for debt financing costs. |
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(b) Portion of rents representative of the interest factor consists of 15% of all net rental expense pertaining to facilities leases and to equipment operating leases. |