EX-12 2 dex12.htm COMPUTATION OF EARNINGS Computation of Earnings

Exhibit 12

 

COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO

(IN THOUSANDS OF DOLLARS, EXCEPT RATIO DATA)

 

     Year to Date

    Year Ended

 
     September 26,
2004


    September 28,
2003


    December 28,
2003


    December 29,
2002


    December 30,
2001


    December 31,
2000


 

FIXED CHARGES COMPUTATION

                                                

INTEREST EXPENSE:

                                                

NET INTEREST EXPENSE

   $ 36,597     $ 50,837     $ 68,715     $ 74,251     $ 98,872     $ 114,422  

PLUS CAPITALIZED INTEREST

     3,500       1,241       2,079       718       1,961       2,230  
    


 


 


 


 


 


GROSS INTEREST EXPENSE

     40,097       52,078       70,794       74,969       100,833       116,652  

PROPORTIONATE SHARE OF INTEREST EXPENSE OF 50% OWNED PERSONS

                                                

INTEREST COMPONENT OF RENT EXPENSE

     6,129       6,127       8,219       8,671       8,641       8,774  
    


 


 


 


 


 


TOTAL FIXED CHARGES

   $ 46,226     $ 58,205     $ 79,013     $ 83,640     $ 109,474     $ 125,426  
    


 


 


 


 


 


EARNINGS COMPUTATION

                                                

PRETAX INCOME FROM CONTINUING OPERATIONS

   $ 335,038     $ 311,046     $ 463,014     $ 448,670     $ 307,399     $ 525,290  

ADD: FIXED CHARGES

     46,226       58,205       79,013       83,640       109,474       125,426  

LESS: CAPITALIZED INTEREST

     (3,500 )     (1,241 )     (2,079 )     (718 )     (1,961 )     (2,230 )

ADD: DISTRIBUTIONS IN EXCESS OF (LESS THAN) EARNINGS OF INVESTEES

     (15,471 )     (2,194 )     2,018       57,418       32,519       1,505  
    


 


 


 


 


 


TOTAL EARNINGS AS ADJUSTED

   $ 362,293     $ 365,816     $ 541,966     $ 589,010     $ 447,431     $ 649,991  
    


 


 


 


 


 


RATIO OF EARNINGS TO FIXED CHARGES

     7.8:1       6.3:1       6.9:1       7.0:1       4.1:1       5.2:1  
    


 


 


 


 


 


 

31