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 DIVIDENDS

(in millions, except ratio amounts)

 

     Year-to-date ended  
     June 16,
2006
    June 17,
2005
 

Income (loss) from continuing operations before income taxes

   $ 133     $ 113  

Add (deduct):

    

Fixed charges

     237       265  

Capitalized interest

     (2 )     (2 )

Amortization of capitalized interest

     3       3  

Minority interest in consolidated affiliates

     29       12  

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

     5       1  

Distributions from equity investments

     2       1  

Dividends on preferred stock

     (10 )     (15 )

Issuance costs of redeemed preferred stock

     (6 )     (4 )
                

Adjusted earnings

   $ 391     $ 374  
                

Fixed charges:

    

Interest on indebtedness and amortization of deferred financing costs

   $ 198     $ 223  

Capitalized interest

     2       2  

Dividends on preferred stock

     10       15  

Portion of rents representative of the interest factor

     21       21  

Issuance costs of redeemed preferred stock

     6       4  
                

Total fixed charges and preferred stock dividends

   $ 237     $ 265  
                

Ratio of earning to fixed charges and preferred stock dividends

     1.6       1.4