EX-12.1 13 c65474exv12w1.htm EX-12.1

exv12w1

Exhibit 12.1

Brown Shoe Company, Inc.
Computation of Ratio of Earnings to Fixed Charges

		Fiscal Years Ended																								Quarters Ended
		Historical																				Pro Forma				Historical								Pro Forma
		2006				2007				2008				2009				2010				2010				Q1 2010				Q1 2011				Q1 2011
($ millions)
Earnings (loss) before income taxes		$	93.4			$	83.8			$	(188.6	)		$	11.7			$	53.2			$	67.6			$	16.8			$	6.0			$	9.9
Add:
Fixed charges			40.6				40.0				43.4				48.8				48.0				54.5				11.8				13.5				13.8
Amortization of capitalized interest			—				—				—				0.1				0.2				0.2				0.1				0.1				0.1
Less:
Capitalized interest			—				—				(0.2	)			(1.0	)			(1.3	)			(1.3	)			(0.5	)			(0.0	)			(0.0	)
EARNINGS (LOSS) BEFORE INCOME TAXES AND FIXED CHARGES		$	134.0			$	123.8			$	(145.4	)		$	59.5			$	100.1			$	121.0			$	28.1			$	19.5			$	23.7
Interest expense		$	17.9			$	16.2			$	17.1			$	20.2			$	19.6			$	25.6			$	4.5			$	6.7			$	7.0
Interest portion of rent expense (1)			22.7				23.8				26.1				27.6				27.0				27.5				6.7				6.7				6.7
Capitalized interest			—				—				0.2				1.0				1.3				1.3				0.5				0.0				0.0
TOTAL FIXED CHARGES		$	40.6			$	40.0			$	43.4			$	48.8			$	48.0			$	54.5			$	11.8			$	13.5			$	13.8
RATIO OF EARNINGS TO FIXED CHARGES (2)			3.30				3.09				N/A				1.22				2.09				2.22				2.39				1.45				1.73

(1)		Calculated as 17% of rent expense, which is a reasonable approximation of the interest factor.
(2)		Earnings were inadequate to cover fixed charges by $188.8 million for the year ended January 31, 2009.