Attached files
Exhibit 12
COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO
(in thousands of dollars, except ratio data)
Year Ended | ||||||||||||||||
Dec 27, 2009 |
Dec 28, 2008 |
Dec 30, 2007 |
Dec 31, 2006 |
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Fixed Charge Computation |
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Interest Expenses: |
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Net interest expense |
$ | 127,276 | $ | 157,385 | $ | 197,997 | $ | 93,664 | ||||||||
Plus Capitalized interest |
200 | 192 | 468 | 2,148 | ||||||||||||
Gross interest |
127,476 | 157,577 | 198,465 | 95,812 | ||||||||||||
Interest on Unrecognized Tax Benefits (1) |
(920 | ) | (9,478 | ) | (7,270 | ) | | |||||||||
Amortization of debt discount |
(7,442 | ) | (4,911 | ) | (2,352 | ) | (1,174 | ) | ||||||||
Interest Component of Rent Expense |
5,501 | 6,098 | 5,679 | 5,287 | ||||||||||||
Total Fixed Charges |
$ | 124,615 | $ | 149,286 | $ | 194,522 | $ | 99,925 | ||||||||
Earnings Computation |
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Income from Continuing Operations |
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Before Income Taxes |
$ | 89,411 | $ | 22,085 | $ | (2,883,191 | ) | $ | 270,885 | |||||||
(Earnings) Losses of Equity Investments |
(2,130 | ) | 14,021 | 36,899 | (4,951 | ) | ||||||||||
Impairment Related Charge Recorded by Equity Investee (2) |
2,022 | 16,947 | | | ||||||||||||
Interest on Unrecognized Tax Benefits |
920 | 9,478 | 7,270 | | ||||||||||||
Distributed Income of Equity Investees |
1,135 | 1,740 | 7,424 | 4,345 | ||||||||||||
Add: Fixed Charges |
124,615 | 149,286 | 194,522 | 99,925 | ||||||||||||
Less: Capitalized Interest |
(200 | ) | (192 | ) | (468 | ) | (2,148 | ) | ||||||||
Total Earnings as Adjusted |
$ | 215,773 | $ | 213,365 | $ | (2,637,544 | ) | $ | 368,056 | |||||||
Ratio Of Earnings to Fixed Charges (3) |
1.73 | 1.43 | | 3.68 |
The Company had no registered debt securities prior to the
Acquisition on June 27, 2006.
(1) | The Company began recording the interest on unrecognized tax benefits in interest expense in fiscal 2007 when it adopted FIN 48. |
(2) | Reflects the Companys portion of loss related to an impairment and recorded in Write-down of investments and land held for sale in the Consolidated Statement of Income. |
(3) | Earnings were inadequate to cover fixed charges by $2.6 billion for the year ended December 30, 2007, as a result of non-cash impairment charges of $3.0 billion. |