EX-12.1 2 ex12_1.htm EXHIBIT 12.1 RATIO OF EARNINGS TO FIXED CHARGES COMPUTATION ex12_1.htm

 
EXHIBIT 12.1
 

Computation of Ratio of Earnings to Fixed Charges


   
Three months ended June 28, 2009
   
Six months ended June 28, 2009
 
   
(In thousands, except ratio)
 
Computation of earnings:
           
Income (loss) before provision for income taxes
  $ 73,158     $ (110,870 )
Fixed charges excluding capitalized interest
    19,605       39,769  
Distributed earnings from 50%-or-less-owned affiliate
    294       (286 )
Adjusted earnings
  $ 93,057     $ (71,387 )
Computation of fixed charges:
               
Interest expense
  $ 17,088     $ 33,937  
Interest relating to lease guarantee of 50%-or-less-owned affiliate
    1,845       4,537  
Interest portion of operating lease expense
    672       1,295  
Fixed charges
  $ 19,605     $ 39,769  
Ratio of earnings to fixed charges (1)
    4.7x      
 
 

 
(1)  
Computed by dividing (i) income (loss) before provision for income taxes adjusted for fixed charges by (ii) fixed charges which include interest expense plus amortization of debt issuance costs, the portion of rent expense under operating leases deemed to be representative of the interest factor and interest relating to lease guarantees of 50%-or-less-owned affiliates.  For the six months ended June 28, 2009, earnings were insufficient to cover fixed charges by $111.2 million.