EX-12 3 d33838exv12.htm STATEMENT RE: COMPUTATION OF RATIOS exv12
 

EXHIBIT 12 — COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratio)
                                         
    Year Ended  
    2005     2004     2003     2002     2001  
Income (loss) before income taxes, equity in earnings of non-consolidated affiliates, extraordinary item and cumulative effect of a change in accounting principle
  $ 1,023,143     $ 1,273,871     $ 1,787,148     $ 1,091,709     $ (1,077,469 )
Dividends and other received from nonconsolidated affiliates
    14,696       13,491       2,096       6,295       7,426  
 
                             
Total
    1,037,839       1,287,362       1,789,244       1,098,004       (1,070,043 )
 
                                       
Fixed Charges
                                       
Interest expense
    443,245       367,503       392,215       430,890       555,452  
Amortization of loan fees
    *       *       *       12,077       14,648  
Interest portion of rentals
    345,288       323,957       285,143       246,514       225,292  
 
                             
Total fixed charges
    788,533       691,460       677,358       689,481       795,392  
 
                                       
Preferred stock dividends
                                       
Tax effect of preferred dividends
    —       —       —       —       —  
After tax preferred dividends
    —       —       —       —       —  
 
                             
Total fixed charges and preferred dividends
    788,533       691,460       677,358       689,481       795,392  
 
                                       
Total earnings available for payment of fixed charges
  $ 1,826,372     $ 1,978,822     $ 2,466,602     $ 1,787,485     $ (274,651 )
 
                             
 
                                       
Ratio of earnings to fixed charges
    2.32       2.86       3.64       2.59       * *
 
                             
 
                                       
Rental fees and charges
    986,536       925,592       814,694       704,327       643,691  
Interest rate
    35 %     35 %     35 %     35 %     35 %
 
*   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 $1.1 billion.