EX-12 4 d66539exv12.htm EX-12 exv12
EXHIBIT 12 — COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                                 
                    Year ended December 31,  
(In thousands, except ratio)   Post-merger     Pre-merger     Pre-merger     Pre-merger     Pre-merger     Pre-merger  
    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
  $ (5,742,580 )   $ 474,657     $ 1,198,646     $ 1,071,437     $ 961,860     $ 1,200,551  
Dividends and other received from nonconsolidated affiliates
    13,143       29,935       6,793       15,179       14,696       13,491  
 
                                   
Total
    (5,729,437 )     504,592       1,205,439       1,086,616       976,556       1,214,042  
 
                                               
Fixed Charges
                                               
Interest expense (3)
    715,768       213,210       451,870       484,063       443,442       367,511  
Interest portion of rentals
    184,301       264,387       418,587       374,875       342,462       321,342  
 
                                   
Total fixed charges
    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
    900,069       477,597       870,457       858,938       785,904       688,853  
Total earnings available for payment of fixed charges
  $ (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       2.06       2.38       2.27       2.24       2.76  
 
                                   
 
                                               
Rental fees and charges
    526,575       755,391       1,195,962       1,071,072       978,463       918,120  
Interest portion
    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 $5.7 billion for the post merger period from July 31 through December 31, 2008.