EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
| Fiscal Year | ||||||||||||||||||||||
| 1995 | 1996 | 1997 | 1998 | 1999 | ||||||||||||||||||
| Income before taxes and fixed charges (net of capitalized interest): | ||||||||||||||||||||||
| Income from continuing operations before taxes and equity in net income/(loss) of joint venture | $ | 698,543 | $ | 922,436 | $ | 798,921 | $ | 437,833 | $ | 1,021,790 | ||||||||||||
| Add fixed charges net of capitalized interest(1) | 34,504 | 42,819 | 44,161 | 69,543 | 68,425 | |||||||||||||||||
| Total income before taxes and fixed charges | $ | 733,047 | $ | 965,255 | $ | 843,082 | $ | 507,376 | $ | 1,090,215 | ||||||||||||
| Fixed charges: | ||||||||||||||||||||||
| Interest expense | $ | 21,401 | $ | 20,733 | $ | 20,705 | $ | 45,309 | $ | 47,093 | ||||||||||||
| Capitalized interest | — | 5,108 | 750 | 4,268 | 6,000 | |||||||||||||||||
| Interest component of rent expense(2) | 13,103 | 22,086 | 23,013 | 23,720 | 20,752 | |||||||||||||||||
| Total fixed charges | $ | 34,504 | $ | 47,927 | $ | 44,468 | $ | 73,297 | $ | 73,845 | ||||||||||||
| Ratio of earnings to fixed charges | 21.25x | 20.14x | 18.96x | 6.92x | 14.76x | |||||||||||||||||
| (1) | Capitalized interest includes interest capitalized during the period, less the amount of previously capitalized interest that was amortized during the period. |
| (2) | The interest factor is estimated at one-third of total rent expense for the applicable period, which management believes represents a reasonable approximation of the interest factor. |