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EXHIBIT 12.1
THE PANTRY, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
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<CAPTION>
Sep. 26, Sep. 25, Sep. 24, Sep. 30, Sep. 28,
1996 1997 1998 1999 2000
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<S> <C> <C> <C> <C> <C>
Pretax (loss) income.......... $(10,778) $ (975) $ 4,673 $24,750 $24,772
Fixed charges:
Interest expense.............. 11,992 13,039 28,946 41,280 52,329
Amortization of deferred
financing costs.............. 1,359 1,461 2,071 1,894 2,055
Preferred stock dividends..... 3,525 5,304 2,003 3,657 --
Rental expense (1)............ 2,709 2,901 7,919 13,517 16,952
-------- ------- ------- ------- -------
Total fixed charges........... $ 19,585 $22,705 $40,939 $60,348 $71,336
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Preferred stock dividends..... (3,525) (5,304) (2,003) (3,657) --
-------- ------- ------- ------- -------
Earnings...................... $ 5,282 $16,426 $43,609 $81,441 $96,108
-------- ------- ------- ------- -------
Ratio (shortfall) of earnings
to fixed charges............. $(14,303) $(6,279) 1.07 1.35 1.35
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(1) One-third of rental expense related to operating leases representing an
appropriate interest factor.
