EX-12.1 3 sndkex-121xratioofearnings.htm COMPUTATION OF RATIO TO FIXED CHARGES SNDK Ex-12.1- Ratio of Earnings to Fixed Charges FY13
EXHIBIT 12.1




Computation of Ratio of Earnings to Fixed Charges

   
Fiscal years ended
   
December 29,
2013
 
December 30,
2012
 
January 1,
2012
 
January 2,
2011
 
January 3,
2010
   
(In thousands, except ratios)
Computation of earnings:
 
 
 
 
 
 
 
 
 
Income (loss) before provision for income taxes
$
1,516,149

 
$
626,916

 
$
1,476,754

 
$
1,457,433

 
$
503,801

Fixed charges excluding capitalized interest
86,318

 
128,934

 
125,057

 
101,434

 
81,630

Distributed earnings from 50%-or-less-owned affiliates
(13,733
)
 
(451
)
 
(2,729
)
 
(147
)
 
(392
)
Adjusted earnings
$
1,588,734

 
$
755,399

 
$
1,599,082

 
$
1,558,720

 
$
585,039

Computation of fixed charges:
 

 
 

 
 

 
 

 
 

Interest expense
$
84,299

 
$
119,869

 
$
122,512

 
$
90,377

 
$
70,205

Interest relating to lease guarantee of 50%-or-less-owned affiliates
—

 
7,065

 
—

 
8,746

 
8,898

Interest portion of operating lease expense
2,019

 
2,000

 
2,545

 
2,311

 
2,527

Fixed charges
$
86,318

 
$
128,934

 
$
125,057

 
$
101,434

 
$
81,630

Ratio of earnings to fixed charges (1)
18.4
x
 
5.9
x
 
12.8
x
 
15.4
x
 
7.2
x
    
(1) 
Computed by dividing (i) income (loss) before provision for income taxes adjusted for fixed charges by (ii) fixed charges which include interest expense plus amortization of debt issuance costs, the portion of rent expense under operating leases deemed to be representative of the interest factor and interest relating to lease guarantees of 50%-or-less-owned affiliates.