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 15,
2007		     June 16,
2006		  

Income from continuing operations before income taxes

    $ 197     $ 121  

Add (deduct):

     

Fixed charges

      262       237  

Capitalized interest

      (4 )     (2 )

Amortization of capitalized interest

      3       3  

Minority interest in consolidated affiliates

      16       29  

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

      (5 )     5  

Distributions from equity investments

      2       2  

Dividends on preferred stock

      (4 )     (10 )

Issuance costs of redeemed preferred stock

      —         (6 )
                

Adjusted earnings

    $ 467     $ 379  
                

Fixed charges:

     

Interest on indebtedness and amortization of deferred financing costs

    $ 230     $ 198  

Capitalized interest

      4       2  

Dividends on preferred stock

      4       10  

Portion of rents representative of the interest factor

      24       21  

Issuance costs of redeemed preferred stock

      —         6  
                

Total fixed charges and preferred stock dividends

    $ 262     $ 237  
                

Ratio of earning to fixed charges and preferred stock dividends

      1.8       1.6