EX-12.1 2 dex121.htm EXHIBIT 12.1 EXHIBIT 12.1

EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDENDSOP UNIT DISTRIBUTIONS

(in millions, except ratio amounts)

 

     Year-to-Date ended  
     June 13,
2008		     June 15,
2007		  

Income from continuing operations before income taxes

    $ 257     $ 203  

Add (deduct):

     

Fixed charges

      191       262  

Capitalized interest

      (6 )     (4 )

Amortization of capitalized interest

      3       3  

Minority interest in consolidated affiliates

      8       4  

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

      (2 )     (5 )

Distributions from equity investments

      3       2  

Distributions on preferred OP Units

      (4 )     (4 )
                

Adjusted earnings

    $ 450     $ 461  
                

Fixed charges:

     

Interest on indebtedness and amortization of deferred financing costs

    $ 157     $ 230  

Capitalized interest

      6       4  

Distributions on preferred OP Units

      4       4  

Portion of rents representative of the interest factor

      24       24  
                

Total fixed charges and preferred OP Unit distributions

    $ 191     $ 262  
                

Ratio of earning to fixed charges and preferred OP Unit distributions

      2.4       1.8  

 

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