EX-12 3 d68745exv12.htm EX-12 exv12
EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                                                 
    Six Months Ended                        
    June 30,                     Year Ended December 31,  
(In thousands, except ratio)   Post-merger     Pre-merger     Post-merger     Pre-merger     Pre-merger     Pre-merger     Pre-merger     Pre-merger  
    2009     2008     2008 (1)     2008 (2)     2007     2006     2005     2004  
Income (loss) from continuing operations before income taxes, equity in earnings of non-consolidated affiliates and cumulative effect of a change in accounting principle
   $ (4,249,085 )   $ 538,369     $ (5,742,580 )   $ 474,657     $ 1,198,646     $ 1,071,437     $ 961,860     $ 1,200,551  
Dividends and other received from nonconsolidated affiliates
     10,570       16,381       13,143       29,935       6,793       15,179       14,696       13,491  
 
                                                
Total
     (4,238,515 )     554,750       (5,729,437 )     504,592       1,205,439       1,086,616       976,556       1,214,042  
 
                                                                
Fixed Charges
                                                                
 
Interest expense (3)
     771,678       182,178       715,768       213,210       451,870       484,063       443,442       367,511  
 
Interest portion of rentals
     191,519       227,006       184,301       264,387       418,587       374,875       342,462       321,342  
 
                                                
 
Total fixed charges
     963,197       409,184       900,069       477,597       870,457       858,938       785,904       688,853  
 
                                                                
Preferred stock dividends
                                                                
Tax effect of preferred dividends
     —       —       —       —       —       —       —       —  
After tax preferred dividends
     —       —       —       —       —       —       —       —  
 
                                                
Total fixed charges and preferred dividends
     963,197       409,184       900,069       477,597       870,457       858,938       785,904       688,853  
 
                                                                
Total earnings available for payment of fixed charges
   $ (3,275,318 )   $ 963,934     $ (4,829,368 )   $ 982,189     $ 2,075,896     $ 1,945,554     $ 1,762,460     $ 1,902,895  
 
                                                
 
                                                                
Ratio of earnings to fixed charges (4)
     N/A       2.36       N/A       2.06       2.38       2.27       2.24       2.76  
 
                                                
 
                                                                
Rental fees and charges
     547,196       648,589       526,575       755,391       1,195,962       1,071,072       978,463       918,120  
Interest portion of rental expense
     35 %     35 %     35 %     35 %     35 %     35 %     35 %     35 %
 
(1)   For the period from July 31 through December 31, 2008.
 
(2)   For the period from January 1 through July 30, 2008.
 
(3)   The interest amount does not include interest expense associated with unrecognized tax benefits.
 
(4)   Earnings, as adjusted, were not sufficient to cover fixed charges by approximately $4.2 billion for the six months ended June 30, 2009. Earnings, as adjusted, were not sufficient to cover fixed charges by approximately $5.7 billion for the post-merger period from July 31 through December 31, 2008.