EXHIBIT 12.1

TrueBlue, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)

 
Twenty-six weeks ended
 
Year Ended December
 
July 1, 2018
 
December 31, 2017
January 1, 2017
December 25, 2015
December 26, 2014
December 27, 2013
Earnings:
 
 
 
 
 
 
 
   Income (loss) from continuing operations
$
29,877

 
$
77,550

$
(20,340
)
$
96,447

$
81,844

$
60,937

   Fixed charges
3,415

 
7,825

9,551

6,239

4,191

1,923

Earnings for ratio(1)
$
33,292

 
$
85,375

$
(10,789
)
$
102,686

$
86,035

$
62,860

 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
   Interest expense
$
2,245

 
$
5,494

$
7,166

$
4,160

$
3,156

$
1,248

   Interest component of rent expense
1,170

 
2,331

2,385

2,079

1,035

675

Total fixed charges
$
3,415

 
$
7,825

$
9,551

$
6,239

$
4,191

$
1,923

Ratio of earnings to fixed charges(2)
9.7

 
10.9

N/A
16.5

20.5

32.7

 
 
 
 
 
 
 
 
Deficit of earnings to fixed charges
N/A
 
N/A
$
(10,789
)
N/A
N/A
N/A
(1)
Earnings for ratio consists of income (loss) from continuing operations before income taxes.
(2)
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.