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

Exhibits

Exhibit 12

 

COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO

(IN THOUSANDS OF DOLLARS, EXCEPT RATIO DATA)

 

     YEAR ENDED  
     DEC. 26,     DEC. 28,     DEC. 29,     DEC. 30,     DEC. 31,  
     2004     2003     2002     2001     2000  

Fixed charges computation

                                        

Interest expense:

                                        

Net interest expense

   $ 49,850     $ 68,715     $ 74,251     $ 98,872     $ 114,422  

Plus capitalized interest

     4,746       2,079       718       1,961       2,230  

Gross interest expense

     54,596       70,794       74,969       100,833       116,652  

Proportionate share of interest expense of 50% owned persons

                                        

Interest component of rent expense

     8,179       8,219       8,066       8,678       8,763  

Total fixed charges

   $ 62,775     $ 79,013     $ 83,035     $ 109,511     $ 125,415  

Earnings computation

                                        

Income before income taxes and cummulative

                                        

effect of change in accounting principle of

                                        

unconsolidated company

   $ 501,294     $ 463,014     $ 448,670     $ 307,399     $ 525,290  

Add: fixed charges

     62,775       79,013       83,035       109,511       125,415  

Less: capitalized interest

     (4,746 )     (2,079 )     (718 )     (1,961 )     (2,230 )

Add: distributions in excess of (less than)

                                        

Earnings of investees

     (25,674 )     (23,855 )     39,608       19,624       (36,353 )

Total earnings as adjusted

   $ 533,649     $ 516,093     $ 570,595     $ 434,573     $ 612,122  

RATIO OF EARNINGS TO FIXED CHARGES

     8.5:1       6.5:1       6.9:1       4.0:1       4.9:1