EX-12 4 ex121.htm EXHIBIT 12.1 Exhibit 12.1
EXHIBIT 12.1 - STATEMENT RE: COMPUTATION OF HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES
 

 
  
Fiscal Year Ended
   
 
  
April 30, 2000
April 29, 2001
April 28, 2002
April 27, 2003
April 25, 2004
   
 
 
 
 
 
 
    
 
    
 
    
 
    
 
    
 
  
 
    
 
    
 
    
 
    
 
    
 
  
Consolidated pretax income from
    
 
    
 
    
 
    
 
    
 
  
   continuing operations
  
$
57.5
 
$
45.6
 
$
1.0
 
$
72.3
 
$
40.5
 
 
    
 
    
 
    
 
    
 
    
 
  
Less equity in income (loss) of unconsolidated
    
 
    
 
    
 
    
 
    
 
  
   joint venture
    
0.3
   
(0.2)
 
  
-
   
-
   
-
 
Interest
   
62.8
   
102.7
   
90.5
   
82.8
   
85.0
 
Less capitalized interest
    
2.4
   
3.8
   
1.3
   
0.2
   
1.5
 
Interest portion of rental expense
    
5.7
   
9.8
   
9.6
   
8.7
   
9.7
 
   
 
 
 
 
 
   Earnings
  
$
123.3
 
$
154.5
 
$
99.8
 
$
163.6
 
$
133.7
 
   
 
 
 
 
 
 
    
 
    
 
    
 
    
 
    
 
  
Interest
 
$
62.8
 
$
102.7
 
$
90.5
 
$
82.8
 
$
85.0
 
Interest portion of rental expense
    
5.7
   
9.8
   
9.6
   
8.7
   
9.7
 
   
 
 
 
 
 
   Fixed charges
  
$
68.5
 
$
112.5
 
$
100.1
 
$
91.5
 
$
94.7
 
   
 
 
 
 
 
 
    
 
    
 
    
 
    
 
    
 
  
Ratio of earnings to fixed charges
    
1.8x
    
1.4x
    
1.0x
    
1.8x
    
1.4x
  
   
 
 
 
 
 

For purposes of determining the ratio of earnings to fixed charges, earnings consist of earnings before provision for income taxes and extraordinary item plus fixed charges, excluding capitalized interest.  Fixed charges consist of interest on indebtedness, including capitalized interest, plus that portion of rental expense that is considered to be interest. This ratio does not include earnings and fixed charges of unconsolidated joint ventures.