Exhibit 12.1
TrueBlue, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
 
 
Three Months Ended
  
Year Ended December
 
March 30, 2012
 
April 1, 2011
  
2011
  
2010
  
2009
  
2008
 
2007
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
2,649

 
$
1,258

  
$
49,324

  
$
29,162

  
$
14,141

  
$
8,155

  
$
104,603

Fixed charges
 
488

 
 
556

 
 
2,133

 
 
2,645

 
 
2,217

 
 
1,731

 
 
2,604

Total Earnings
$
3,137

 
$
1,814

 
$
51,456

 
$
31,807

 
$
16,355

 
$
9,883

 
$
107,207

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
$
391

 
$
273

 
$
1,207

 
$
1,515

 
$
1,491

 
$
803

 
$
965

Interest component of rent expense
 
97

 
 
283

 
 
925

 
 
1,130

 
 
725

 
 
928

 
 
1,639

Total Fixed Charges
$
488

 
$
556

 
$
2,133

 
$
2,645

 
$
2,217

 
$
1,731

 
$
2,604

Ratio of Earnings to Fixed Charges (1)
 
6.4

 
 
3.3

 
 
24.1

 
 
12.0

 
 
7.4

 
 
5.7

 
 
41.2

 
(1)
For purposes of calculating the ratio of earnings to fixed charges, earnings equals (a) earnings from continuing operations before income taxes plus (b) fixed charges. Fixed charges equals (x) interest expense plus (y) the portion of rental expense, which management believes is representative of the interest component of rent expense. The methodology for calculating the interest component of rent expense from prior years has been revised to reflect management's current view.