EX-12.1 3 sndkex1212011.htm RATIO OF FIXED CHARGES TO EARNINGS SNDK Ex-12.1 Ratio of Earnings to Fixed Charges
EXHIBIT 12.1




Computation of Ratio of Earnings to Fixed Charges

 
Fiscal years ended
 
January 1,
2012
 
January 2,
2011
 
January 3,
2010
 
December 28,
2008
 
December 30,
2007
 
(In thousands, except ratios)
Computation of earnings:
 
 
 
 
 
 
 
 
 
Income (loss) before provision for income taxes
$
1,476,754

 
$
1,457,433

 
$
503,801

 
$
(1,952,374
)
 
$
352,658

Fixed charges excluding capitalized interest
125,057

 
101,434

 
81,630

 
67,821

 
65,081

Distributed earnings from 50%-or-less-owned affiliates
(2,729
)
 
(147
)
 
(392
)
 
(3,604
)
 
(5,840
)
Adjusted earnings
$
1,599,082

 
$
1,558,720

 
$
585,039

 
$
(1,888,157
)
 
$
411,899

Computation of fixed charges:
 

 
 

 
 

 
 

 
 

Interest expense
$
122,512

 
$
90,377

 
$
70,205

 
$
65,207

 
$
62,097

Interest relating to lease guarantee of 50%-or-less-owned affiliates
—

 
8,746

 
8,898

 
—

 
615

Interest portion of operating lease expense
2,545

 
2,311

 
2,527

 
2,614

 
2,369

Fixed charges
$
125,057

 
$
101,434

 
$
81,630

 
$
67,821

 
$
65,081

Ratio of earnings to fixed charges (1)
12.8x

 
15.4x

 
7.2x

 
—

 
6.3x

    
(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.  In fiscal year 2008, earnings were insufficient to cover fixed charges by $1.96 billion.