EXHIBIT 12.1 CANANDAIGUA WINE COMPANY, INC. AND SUBSIDIARIES STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (in thousands of dollars)
For the Six Months Ended For the Six Months Ended August 31, February 29, February 28, ----------------------- ------------ ------------ 1996 1995 1996 1995 --------- ----------- ------------ ------------ Earnings: (a) Income before provision for income taxes $23,069 $33,658 $6,703 $33,040 Add fixed charges 17,945 12,449 18,382 14,138 ----------- ------------ ------------ ------------ Earnings $41,014 $46,107 $25,085 $47,178 =========== ============ =========== =========== Fixed Charges: Interest on debt and capitalized leases $16,803 $11,460 $17,298 $13,141 Amortization of direct financing costs 963 821 908 829 Interest element of rentals 179 168 176 168 ---------- ------------ ----------- ------------ Total fixed charges $17,945 $12,449 $18,382 $14,138 =========== ============ =========== =========== Ratio of Earnings to Fixed Charges 2.3 3.7 1.4 3.3 =========== ============ =========== =========== For the Years Ended August 31, -------------------------------------------------------- 1995 1994 1993 1992 1991 --------- ------- ------- -------- ---------- Earnings: (a) Income before provision for income taxes $66,698 $18,924 $25,268 $17,884 $11,681 Add fixed charges 26,586 19,492 7,515 7,599 5,140 --------- --------- --------- --------- ----------- Earnings $93,284 $38,416 $32,783 $25,483 $16,821 ========== ========== ========== ========== =========== Fixed Charges: Interest on debt and capitalized leases $24,601 $18,056 $6,273 $6,510 $4,586 Amortization of direct financing costs 1,650 1,171 628 602 109 Interest element of rentals 335 265 614 487 445 --------- --------- --------- --------- ----------- Total fixed charges $26,586 $19,492 $7,515 $7,599 $5,140 ========== ========== ========== ========== =========== Ratio of Earnings to Fixed Charges 3.5 2.0 4.4 3.4 3.3 ========== ========== ========== ========== ===========
(a) For the purpose of calculating the ratio of earnings to fixed charges, "earnings" represents income before provision for income taxes plus fixed charges. "Fixed charges" consist of interest expense, including amortization of debt issuance costs, and the portion of rental expense which management believes is representative of the interest component of lease expense.