EX-12.1 4 dex121.htm EXHIBIT 12.1 EXHIBIT 12.1

EXHIBIT 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(in millions, except ratio amounts)

 

     Year-to-date ended

 
     September 9,
2005


    September 10,
2004


 

Income (loss) from continuing operations before income taxes

   $ 102     $ (91 )

Add (deduct):

                

Fixed charges

     377       423  

Capitalized interest

     (3 )     (2 )

Amortization of capitalized interest

     4       4  

Minority interest in consolidated affiliates

     12       (2 )

Net losses related to certain 50% or less owned affiliates

     1       12  

Distributions from equity investments

     2       2  

Dividends on preferred stock

     (21 )     (28 )

Issuance costs of redeemed preferred stock

     (4 )     (4 )
    


 


Adjusted earnings

   $ 470     $ 314  
    


 


Fixed charges:

                

Interest on indebtedness and amortization of deferred financing costs

   $ 317     $ 356  

Capitalized interest

     3       2  

Dividends on preferred stock

     21       28  

Portion of rents representative of the interest factor

     32       33  

Issuance costs of redeemed preferred stock

     4       4  
    


 


Total fixed charges and preferred stock dividends

   $ 377     $ 423  
    


 


Ratio of earning to fixed charges and preferred stock dividends

     1.2        

Deficiency of earnings to fixed charges and preferred stock dividends

   $     $ (109 )