EX-12.1 5 cdw-20171231x10kxex121.htm EXHIBIT 12.1
EXHIBIT 12.1
CDW CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)

|  | Years Ended December 31,
(dollars in millions) |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017
Computation of earnings: |  |  |  |  |  |  |  |  |  |
Income before income taxes and adjustment for (income) loss from equity investees |  | $ | 194.9 |  |  | $ | 385.5 |  |  | $ | 657.2 |  |  | $ | 671.2 |  |  | $ | 659.4 |
Distributed income from equity investees |  | 1.0 |  |  | 1.1 |  |  | 1.0 |  |  | 1.1 |  |  | 0.7 |
Fixed charges |  | 254.3 |  |  | 202.8 |  |  | 164.5 |  |  | 153.9 |  |  | 155.1 |
Total earnings |  | $ | 450.2 |  |  | $ | 589.4 |  |  | $ | 822.7 |  |  | $ | 826.2 |  |  | $ | 815.2 |
Computation of fixed charges: |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 241.8 |  |  | $ | 191.3 |  |  | $ | 153.5 |  |  | $ | 141.8 |  |  | $ | 145.7 |
Amortization of deferred financing costs and debt premium |  | 8.8 |  |  | 6.4 |  |  | 6.4 |  |  | 6.5 |  |  | 5.2 |
Portion of rent expense representative of interest (1) |  | 3.7 |  |  | 5.1 |  |  | 4.6 |  |  | 5.6 |  |  | 4.2 |
Total fixed charges |  | $ | 254.3 |  |  | $ | 202.8 |  |  | $ | 164.5 |  |  | $ | 153.9 |  |  | $ | 155.1 |
Ratio of earnings to fixed charges |  | 1.8 |  |  | 2.9 |  |  | 5.0 |  |  | 5.4 |  |  | 5.3 |

(1) | Fixed charges include a reasonable estimation of the interest factor included in rental expense.