EX-12.1 3 ex12_1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ex12_1.htm
 
EXHIBIT 12.1
 

Computation of Ratio of Earnings to Fixed Charges

   
Fiscal Years Ended
 
   
January 2,
 2005
   
January 1,
 2006
   
December 31,
 2006
   
December 30,
 2007
   
December 28,
 2008
 
   
(In thousands, except ratios)
 
Computation of earnings:
                             
Income (loss) before provision for income taxes
  $ 423,200     $ 613,307     $ 430,708     $ 398,416     $ (1,903,034 )
Fixed charges excluding capitalized interest
    9,725       1,801       11,934       19,323       18,481  
Distributed earnings from 50%-or-less-owned affiliate
    (659 )     (718 )     (2,498 )     (5,840 )     (3,604 )
Adjusted earnings
  $ 432,266     $ 614,390     $ 440,144     $ 411,899     $ (1,888,157 )
Computation of fixed charges:
                                       
Interest expense
  $ 8,526     $ 17     $ 9,506     $ 16,339     $ 15,867  
Interest relating to lease guarantee of 50%-or-less-owned affiliate
 
      538    
      615    
 
Interest portion of operating lease expense
    1,199       1,246       2,428       2,369       2,614  
Fixed charges
  $ 9,725     $ 1,801     $ 11,934     $ 19,323     $ 18,481  
Ratio of earnings to fixed charges (1)
    44.4x       341.1x       36.9x       21.3x    
 

(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.  In fiscal year 2008, earnings were insufficient to cover fixed charges by $1.91 billion.