EX-12.2 21 a04-12861_1ex12d2.htm EX-12.2

Exhibit 12.2

 

OfficeMax Incorporated and Subsidiaries
Ratio of Earnings to Combined Fixed Charges

and Preferred Dividend Requirements

 

 

 

Year Ended December 31

 

Nine Months Ended
September 30

 

 

 

1999

 

2000

 

2001

 

2002

 

2003

 

2003

 

2004

 

 

 

(thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest costs

 

$

146,124

 

$

152,322

 

$

129,917

 

$

133,762

 

$

134,930

 

$

96,524

 

$

123,826

 

Interest capitalized during the period

 

238

 

1,458

 

1,945

 

3,937

 

391

 

352

 

28

 

Interest factor related to noncapitalized leases (a)

 

13,065

 

13,394

 

11,729

 

11,128

 

15,974

 

8,422

 

84,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

159,427

 

167,174

 

143,591

 

148,827

 

151,295

 

105,298

 

208,754

 

Preferred stock dividend requirements - pretax

 

17,129

 

16,019

 

15,180

 

14,548

 

13,864

 

13,886

 

13,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined fixed charges and preferred dividend requirements

 

$

176,556

 

$

183,193

 

$

158,771

 

$

163,375

 

$

165,159

 

$

119,184

 

$

222,095

 

Income (loss) before income taxes, minority interest and cumulative effect of accounting changes

 

$

355,940

 

$

298,331

 

$

(48,558

)

$

(12,214

)

$

19,297

 

$

9,792

 

$

283,795

 

Undistributed (earnings) losses of less than 50%- owned entities, net of distributions received

 

(6,115

)

(2,061

)

8,039

 

2,435

 

(8,695

)

(4,351

)

(6,291

)

Total fixed charges

 

159,427

 

167,174

 

143,591

 

148,827

 

151,295

 

105,298

 

208,754

 

Less interest capitalized

 

(238

)

(1,458

)

(1,945

)

(3,937

)

(391

)

(352

)

(28

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings before fixed charges

 

$

509,014

 

$

461,986

 

$

101,127

 

$

135,111

 

$

161,506

 

$

110,387

 

$

486,230

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred dividend requirements

 

2.88

 

2.52

 

—

 

—

 

—

 

—

 

2.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excess of combined fixed charges and preferred dividend requirements over total earnings before fixed charges

 

$

—

 

$

—

 

$

57,644

 

$

28,264

 

$

3,653

 

$

8,797

 

$

—

 

 

(a)   Interest expense for operating leases with terms of one year or longer is based on an imputed interest rate.

 

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