EX-12.1 3 dex121.htm COMPUTATION OF RATIO OF EARNINGS Computation of Ratio of Earnings

EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(in millions, except ratio amounts)

 

     Quarter ended  
    

March 24,

2006

    

March 25,

2005

  

Income (loss) from continuing operations before income taxes

    $ 19     $ (10 )

Add (deduct):

     

Fixed charges

      109       130  

Capitalized interest

      (1 )     (1 )

Amortization of capitalized interest

      1       1  

Minority interest in consolidated affiliates

      13       4  

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

      (1 )     4  

Distributions from equity investments

      1       1  

Dividends on preferred stock

      (6 )     (8 )
                

Adjusted earnings

    $ 135     $ 121  
                

Fixed charges:

     

Interest on indebtedness and amortization of deferred financing costs

    $ 91     $ 109  

Capitalized interest

      1       1  

Dividends on preferred stock

      6       8  

Portion of rents representative of the interest factor

      11       12  
                

Total fixed charges and preferred stock dividends

    $ 109     $ 130  
                

Ratio of earning to fixed charges and preferred stock dividends

      1.24       —    

Deficiency of earnings to fixed charges and preferred stock dividends

    $ —       $ (9 )