EXHIBIT 12.1
CDW CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
| Year ended December 31, |
Six months ended June 30, |
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| (dollars in millions) | 2009 | 2010 | 2011 | 2012 | 2013 | 2013 | 2014 | |||||||||||||||||||||
| Computation of earnings: |
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| Income (loss) before income taxes and adjustment for (income) loss from equity investees |
$ | (461.2 | ) | $ | (37.1 | ) | $ | 28.3 | $ | 185.8 | $ | 194.9 | $ | 117.4 | $ | 217.6 | ||||||||||||
| Distributed income from equity investees |
— | 0.2 | 0.5 | 1.2 | 1.0 | 0.6 | 0.6 | |||||||||||||||||||||
| Fixed charges |
413.1 | 420.7 | 324.9 | 312.4 | 254.3 | 144.6 | 100.4 | |||||||||||||||||||||
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| Total earnings |
$ | (48.1 | ) | $ | 383.8 | $ | 353.7 | $ | 499.4 | $ | 450.2 | $ | 262.6 | $ | 318.6 | |||||||||||||
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| Computation of fixed charges: |
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| Interest expense |
$ | 389.3 | $ | 394.7 | $ | 302.0 | $ | 294.4 | $ | 241.8 | $ | 137.3 | $ | 95.5 | ||||||||||||||
| Amortization of deferred financing costs and debt premium |
16.2 | 18.0 | 15.7 | 13.6 | 8.8 | 5.3 | 3.2 | |||||||||||||||||||||
| Portion of rent expense representative of interest (1) |
7.6 | 8.0 | 7.2 | 4.4 | 3.7 | 2.0 | 1.7 | |||||||||||||||||||||
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| Total fixed charges |
$ | 413.1 | $ | 420.7 | $ | 324.9 | $ | 312.4 | $ | 254.3 | $ | 144.6 | $ | 100.4 | ||||||||||||||
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| Ratio of earnings to fixed charges |
(2) | (2) | 1.1 | 1.6 | 1.8 | 1.8 | 3.2 | |||||||||||||||||||||
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| (1) | Fixed charges include a reasonable estimation of the interest factor included in rental expense. |
| (2) | For the years ended December 31, 2009 and 2010, earnings available for fixed charges were inadequate to cover fixed charges by $461.2 million and $37.0 million, respectively. |