EX-12 5 exhibit121.htm EXHIBIT 12.1 - RATIO OF EARNINGS TO FIXED CHARGES

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

 

(dollars in 000’s)

 

 

 

 

 

Fiscal Years Ending

 

 

 

 

 

 

 

 

 

 

 

2006

2005

2004

2003

2002

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

Net income (loss)

 

$(196,334)

$372,421 

$402,907 

$337,408 

$382,727 

 

Add: Income tax (benefit) expense

 

(102,042)

155,770 

232,392 

185,493 

210,237 

 

Add: Cumulative effect of change in accounting principle, net of tax

 

5,185 

- 

- 

- 

- 

 

Add: Minority interest

 

(35)

(120)

(68)

248 

(97)

 

Fixed charges

 

324,962 

276,974 

314,681 

337,164 

351,622 

 

Amortization of capitalized interest

 

2,950 

2,553 

2,138 

1,562 

1,443 

 

Less: Capitalized interest

 

(8,164)

(6,490)

(3,491)

(3,325)

(9,264)

 

Total adjusted earnings

 

26,522 

801,108 

948,559 

858,550 

936,668 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

Interest

 

262,589 

225,536 

268,438 

294,175 

296,983 

 

Capitalized interest

 

8,164 

6,490 

3,491 

3,325 

9,264 

 

Amortization of debt discount expense

 

5,488 

6,143 

5,742 

4,934 

7,871 

 

Rentals at computed interest factor (1)

 

48,721 

38,805 

37,010 

34,730 

37,504 

 

Total fixed charges

 

$324,962 

$276,974 

$314,681 

$337,164 

$351,622 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

- 

2.89 

3.01 

2.55 

2.66 

 

 

 

 

 

 

 

 

 

Insufficient Coverage

 

$298,440 

$ - 

$ - 

$ - 

$ - 

 

 

 

(1)

Amounts represent those portions of rent expense (one-third) that are reasonable approximations of interest costs.

 

 

121