EX-12.1 2 dex121.htm CALCULATION OF RATIO OF EARNINGS

CALCULATION OF RATIO OF EARNINGS

Exhibit 12.1

Ratios of Earnings to Fixed Charges

(In Thousands Except Ratios)

		Six Months Ended						Fiscal Year Ended(1)
		7/3/2005			6/27/2004			2004			2003			2002			2001			2000
Income Before Income Taxes		$	21,057		$	22,723		$	36,550		$	38,060		$	38,070		$	11,696		$	9,835
Fixed Charges
Interest Expense			24,391			20,984			43,983			41,914			49,120			44,322			53,346
Interest Inherent in Rental Expense(2)			351			448			875			1,790			1,884			3,600			5,228
Piedmont Fixed Charges(3)			—			—			—			—			—			6,601			7,148
Fixed Charges, as Defined			24,742			21,432			44,858			43,704			51,004			54,523			65,722
Earnings, as Defined			45,799			44,155			81,408			81,764			89,074			66,219			75,557
Ratio of Earnings to Fixed Charges			1.85			2.06			1.81			1.87			1.75			1.21			1.15

(1) The Company’s fiscal year ends on the Sunday nearest December 31st. All years presented are 52-week years, except 2004, which was a 53-week year.

(2) We estimate that the interest component of the rental expense approximates one-third of such expense.

(3) During 2000 and 2001, the Company owned a 50% interest in Piedmont Coca-Cola Bottling Partnership and results of Piedmont’s operations were not consolidated with those of the Company. During early 2002, the Company purchased an additional interest in Piedmont. Operating results for 2002 and subsequent periods include Piedmont, adjusted for minority interest expense. The fixed charges related to Piedmont for 2001 and 2000 are as follows:

		2001				2000
Interest Expense		$	12,695			$	13,519
Interest Inherent in Rental Expense			507				776
Subtotal			13,202				14,295
Proportionate Share			50	%			50	%
Applicable			6,601				7,148