EX-12 4 d52537exv12.htm STATEMENT RE: COMPUTATION OF RATIOS exv12
 

EXHIBIT 12 — COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                         
  Year Ended  
(In thousands, except ratio)   2007     2006     2005     2004     2003  
Income (loss) before income taxes, equity in earnings of non-consolidated affiliates, extraordinary item and cumulative effect of a change in accounting principle
  $ 1,165,723     $ 1,041,060     $ 935,440     $ 1,165,285     $ 1,692,806  
Dividends and other received from nonconsolidated affiliates
    6,793       15,179       14,696       13,491       2,096  
 
                             
Total
    1,172,516       1,056,239       950,136       1,178,776       1,694,902  
 
                                       
Fixed Charges
                                       
 
                                       
Interest expense (1)
    451,870       484,063       443,442       367,511       392,215  
Interest portion of rentals
    417,795       374,123       341,752       320,634       281,873  
 
                             
Total fixed charges
    869,665       858,186       785,194       688,145       674,088  
 
                                       
Preferred stock dividends
                                       
Tax effect of preferred dividends
                             
After tax preferred dividends
                             
 
                             
Total fixed charges and preferred dividends
    869,865       858,186       785,194       688,145       674,088  
 
                                       
Total earnings available for payment of fixed charges
  $ 2,042,181     $ 1,914,425     $ 1,735,330     $ 1,866,921     $ 2,368,990  
 
                             
 
                                       
Ratio of earnings to fixed charges
    2.35       2.23       2.21       2.71       3.51  
 
                             
 
                                       
Rental fees and charges
    1,193,701       1,068,924       976,435       916,096       805,350  
Interest portion
    35 %     35 %     35 %     35 %     35 %
 
(1)   The interest amount does not include interest expense associated with unrecognized tax benefits.