EX-12.1 2 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED OP UNIT DISTRIBUTIONS

(in millions, except ratio amounts)

 

     Quarter ended  
     March 21,     March 23,  
     2008     2007  

Income from continuing operations before income taxes

    $ 56     $ 42  

Add (deduct):

     

Fixed charges

      93       109  

Capitalized interest

      (3 )     (2 )

Amortization of capitalized interest

      1       1  

Minority interest in consolidated affiliates

      6       4  

Equity in earnings related to certain 50% or less owned affiliates

      —         (2 )

Distributions from equity investments

      2       2  

Distributions on preferred OP Units

      (2 )     (2 )
                

Adjusted earnings

    $ 153     $ 152  
                

Fixed charges:

     

Interest on indebtedness and amortization of deferred financing costs

    $ 76     $ 94  

Capitalized interest

      3       2  

Distributions on preferred OP Units

      2       2  

Portion of rents representative of the interest factor

      12       11  
                

Total fixed charges and preferred OP Unit distributions

    $ 93     $ 109  
                

Ratio of earning to fixed charges and preferred OP Unit distributions

      1.6       1.4  

 

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