EX-12 26 0026.txt STATEMENTS RE: COMPUTATION OF RATIOS
Ratio of Earnings to Fixed Charges EXHIBIT 12 For Fiscal Years Ended 1996 - 2000 (000's) Fiscal Year Ended ----------------------------------------------------------- 11/26/00 11/28/99 11/29/98 11/30/97 11/24/96 ----------------------------------------------------------- FIXED CHARGES: Interest: Interest expense (includes amortization of debt discount and costs) $ 234,098 $ 182,978 $ 178,035 $ 212,358 $ 145,234 Capitalized debt costs 34,769 15,729 27,447 25,221 33,941 Interest factor in rental expense 26,026 28,700 26,733 32,600 29,733 ----------------------------------------------------------- Total fixed charges 294,893 227,407 232,215 270,179 208,908 ----------------------------------------------------------- EARNINGS: Income before income taxes 343,680 8,499 162,700 184,281 619,906 Add: Fixed charges 294,893 227,407 232,215 270,179 208,908 Subtract: Capitalized debt costs (34,769) (15,729) (27,447) (25,221) (33,941) ----------------------------------------------------------- Total Earnings 603,804 220,177 367,468 429,239 794,873 ----------------------------------------------------------- Ratio of Earnings to Fixed Charges 2.0 1.0 1.6 1.6 3.8 In computing the ratio of earnings to fixed charges: (1) earnings have been based on income from continuing operations before income taxes and fixed charges (exclusive of capitalized debt costs) and (2) fixed charges consist of interest and debt discount and cost expenses (including amounts capitalized) and the estimated interest portion of rents.