EX-12 2 ex12.htm EXHIBIT 12 ex12.htm

Exhibit 12
 
 
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
(UNAUDITED)
 
   
   
   
Three Months Ended
   
Fiscal Years Ended
 
   
May 2,
   
May 3,
   
January 31,
   
February 2,
   
February 3,
   
January 28,
   
January 29,
 
(in thousands)
 
2009
   
2008
   
2009A
   
2008
   
2007B
   
2006
   
2005
 
                                           
                                           
Consolidated income (loss) before taxes and equity in (losses) earnings of joint ventures
  $ 13,069     $ 3,684     $ (380,005 )   $ 60,518     $ 253,842     $ 125,791     $ 175,832  
Fixed charges (less capitalized interest)
    25,117       27,339       109,315       111,552       106,136       121,416       157,314  
Distributed income of equity investees
    700       1,162       8,167       9,403       9,393       8,858       9,059  
                                                         
EARNINGS (LOSSES)
  $ 38,886     $ 32,185     $ (262,523 )   $ 181,473     $ 369,371     $ 256,065     $ 342,205  
                                                         
                                                         
Interest
  $ 20,283     $ 22,113     $ 88,821     $ 91,556     $ 87,642     $ 105,570     $ 139,056  
Capitalized interest
    40       812       2,645       6,312       4,365       6,092       4,485  
Interest factor in rent expense
    4,834       5,226       20,494       19,996       18,494       15,846       18,258  
                                                         
FIXED CHARGES
  $ 25,157     $ 28,151     $ 111,960     $ 117,864     $ 110,501     $ 127,508     $ 161,799  
                                                         
                                                         
Ratio of earnings (losses) to fixed charges
    1.55       1.14       (2.34 )     1.54       3.34       2.01       2.12  
 
A The earnings were insufficient to cover fixed charges by approximately $374.5 million.
B 53 weeks