EX-12.1 3 dex121.htm RATIO OF EARNINGS TO FIXED CHARGES Prepared by R.R. Donnelley Financial -- Ratio of Earnings to Fixed Charges
 
EXHIBIT 12.1
 
Ratios of Earnings to Fixed Charges
 
      
Pro Forma

    
Actual

      
Fiscal Year Ended
    
Fiscal Year Ended December 31, 

      
December 31, 2001

    
2001

    
2000

  
1999

  
1998

  
1997

Income from continuing operations before income taxes and accounting change:
    
$
846
 
  
$
699
 
  
$
975
  
$
747
  
$
309
  
$
512
Plus Fixed Charges:
                                               
Interest on all indebtedness:
    
 
976
 
  
 
373
 
  
 
175
  
 
224
  
 
232
  
 
257
Capitalized interest
    
 
5
 
  
 
0
 
  
 
0
  
 
0
  
 
0
  
 
0
Amortization of debt expense:
    
 
30
 
  
 
27
 
  
 
13
  
 
13
  
 
14
  
 
15
Portion of rental expenses on operating leases deemed to be representative of the interest factor:
    
 
143
 
  
 
64
 
  
 
41
  
 
32
  
 
32
  
 
33
Preferred stock dividend requirements of consolidated subsidiaries:
    
 
39
*
  
 
30
*
  
 
0
  
 
0
  
 
0
  
 
0
      


  


  

  

  

  

Total Fixed Charges:
    
 
1,193
 
  
 
494
 
  
 
229
  
 
269
  
 
278
  
 
305
      


  


  

  

  

  

Plus Unconsolidated affiliates earnings:
    
 
98
 
  
 
0
 
  
 
0
  
 
0
  
 
0
  
 
0
Plus Minority earnings:
    
 
23
 
  
 
0
 
  
 
0
  
 
0
  
 
0
  
 
0
Less Preferred stock dividend:
    
 
-39
 
  
 
-30
 
  
 
0
  
 
0
  
 
0
  
 
0
      


  


  

  

  

  

Earnings:
    
$
2,121
 
  
$
1,163
 
  
$
1,204
  
$
1,016
  
$
587
  
$
817
      


  


  

  

  

  

Fixed Charges Ratio:
    
 
1.78
 
  
 
2.35
 
  
 
5.26
  
 
3.78
  
 
2.11
  
 
2.68
      


  


  

  

  

  


*
 
Required preferred stock dividend divided by 1 minus the effective tax rate of 39%. See instructions to Item 503(d) of Regulation S-K.
 
The ratios of earnings to fixed charges should be read in conjunction with the financial statements and other financial data included or incorporated by reference in this registration statement.

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