EX-12 3 d44046exv12.htm STATEMENT RE: COMPUTATION OF RATIOS exv12
 

EXHIBIT 12 — COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratio)
                                         
    Year Ended  
    2006     2005     2004     2003     2002  
Income (loss) before income taxes, equity in earnings of non-consolidated affiliates, extraordinary item and cumulative effect of a change in accounting principle
  $ 1,152,100     $ 1,020,666     $ 1,270,082     $ 1,782,805     $ 1,085,117  
Dividends and other received from nonconsolidated affiliates
    15,179       14,696       13,491       2,096       6,295  
 
                             
Total
    1,167,279       1,035,362       1,283,573       1,784,901       1,091,412  
 
                                       
Fixed Charges
                                       
Interest expense
    483,974       443,245       367,503       392,215       430,890  
Amortization of loan fees
    *       *       *       *       12,077  
Interest portion of rentals
    377,767       345,288       323,957       285,143       246,514  
 
                             
Total fixed charges
    861,741       788,533       691,460       677,358       689,481  
 
                                       
Preferred stock dividends
                                       
Tax effect of preferred dividends
                             
After tax preferred dividends
                             
 
                             
Total fixed charges and preferred dividends
    861,741       788,533       691,460       677,358       689,481  
 
                                       
Total earnings available for payment of fixed charges
  $ 2,029,020     $ 1,823,895     $ 1,975,033     $ 2,462,259     $ 1,780,893  
 
                             
 
                                       
Ratio of earnings to fixed charges
    2.35       2.31       2.86       3.64       2.58  
 
                             
 
                                       
Rental fees and charges
    1,079,335       986,536       925,592       814,694       704,327  
Interest rate
    35 %     35 %     35 %     35 %     35 %
 
*   Amortization of loan fees is included in Interest expense beginning January 1, 2003.