EX-12 4 d07930exv12.htm EX-12 COMPUTATION OF RATIOS exv12
 

EXHIBIT 12 – COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In thousands, except ratio data)

                                                         
    Six Months Ended                                        
    June 30,   Year Ended December 31,
   
 
    2003   2002   2002   2001   2000   1999   1998
   
 
 
 
 
 
 
Income (loss) before income taxes, equity in earnings of non-consolidated affiliates and extraordinary item
  $ 532,708     $ 541,161     $ 1,191,261     $ (1,259,390 )   $ 688,384     $ 220,213     $ 117,922  
Dividends and other received from nonconsolidated affiliates
    3,827       1,599       6,295       7,426       4,934       7,079       9,168  
 
   
     
     
     
     
     
     
 
Total
    536,535       542,760       1,197,556       (1,251,964 )     693,318       227,292       127,090  
                                                         
Fixed Charges
                                                       
Interest expense
    196,263       218,717       432,786       560,077       413,425       192,321       135,766  
Amortization of loan fees
    *       6,513       12,077       14,648       12,401       1,970       2,220  
Interest portion of rentals
    164,561       139,069       293,831       270,653       150,317       24,511       16,044  
 
   
     
     
     
     
     
     
 
Total fixed charges
    360,824       364,299       738,694       845,378       576,143       218,802       154,030  
                                                         
Preferred stock dividends Tax effect of preferred dividends
                                         
After tax preferred dividends
                                         
 
   
     
     
     
     
     
     
 
Total fixed charges and preferred dividends
    360,824       364,299       738,694       845,378       576,143       218,802       154,030  
                                                         
Total earnings available for payment of fixed charges
  $ 897,359     $ 907,059     $ 1,936,250     $ (406,586 )   $ 1,269,461     $ 446,094     $ 281,120  
 
   
     
     
     
     
     
     
 
Ratio of earnings to fixed charges
    2.49       2.49       2.62       **       2.20       2.04       1.83  
 
   
     
     
     
     
     
     
 
                                                         
Rental fees and charges
    470,174       397,339       839,516       773,293       429,476       306,393       200,550  
Interest component
    35 %     35 %     35 %     35 %     35 %     8 %     8 %

*   Amortization of loan fees is included in Interest expense beginning January 1, 2003.
 
**   For the year ended December 31, 2001, fixed charges exceeded earnings before income taxes and fixed charges by $1.3 billion.