EX-12.1 6 dex121.htm COMPUTATIONS OF RATIO AND PRO FORMA RATIO Computations of Ratio and Pro Forma Ratio

Exhibit 12.1

 

COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO

FROM CONTINUING OPERATIONS

(IN THOUSANDS OF DOLLARS, EXCEPT RATIO DATA)

 

    Six Months Ended     Year Ended

 
   

June 26,

2005


   

December 26,

2004


   

December 28,

2003


   

December 29,

2002


   

December 30,

2001


    December 31,
2000


 
           

Fixed Charges Computation

                                               

Net Interest Expense

  $ 38,263     $ 49,850     $ 68,715     $ 74,251     $ 98,872     $ 114,422  

Plus Capitalized Interest

    3,515       4,746       2,079       718       1,961       2,230  
   


 


 


 


 


 


Gross Interest Expense

    41,778       54,596       70,794       74,969       100,833       116,652  

Proportionate Share of Interest Expense of 50% owned persons

    —         —         —         —         —         —    

Interest component of Rent

    4,030       8,179       8,219       8,066       8,678       8,763  
   


 


 


 


 


 


Total Fixed Charges

  $ 45,808     $ 62,775     $ 79,013     $ 83,035     $ 109,511     $ 125,415  
   


 


 


 


 


 


Earnings Computation

                                               

Pre-tax earnings from continuing operations

  $ 199,881     $ 501,294     $ 463,014     $ 448,670     $ 307,399     $ 525,290  

Add: Fixed Charges

    45,808       62,775       79,013       83,035       109,511       125,415  
   


 


 


 


 


 


    $ 245,689     $ 564,069     $ 542,027     $ 531,705     $ 416,910     $ 650,705  

Less: Capitalized Interest

    (3,515 )     (4,746 )     (2,079 )     (718 )     (1,961 )     (2,230 )

Add: Distributions in excess of (less than) earnings of investee

    5,669       (25,674 )     (23,855 )     39,608       19,624       (36,353 )
   


 


 


 


 


 


Total Earnings as Adjusted

  $ 247,843     $ 533,649     $ 516,093     $ 570,595     $ 434,573     $ 612,122  
   


 


 


 


 


 


Ratio of Earnings to Fixed Charges

    5.4:1       8.5:1       6.5:1       6.9:1       4.0:1       4.9:1  
   


 


 


 


 


 


 

COMPUTATION OF PRO FORMA EARNINGS TO FIXED CHARGES RATIO

FROM CONTINUING OPERATIONS

(IN THOUSANDS OF DOLLARS, EXCEPT RATIO DATA)

 

    

Six Months Ended

June 26, 2005


   

Year Ended

December 26, 2004


 

Fixed Charges Computation

                

Net Interest Expense

   $ 45,501     $ 67,562  

Plus Capitalized Interest

     3,515       4,746  
    


 


Gross Interest Expense

     49,016       72,308  

Proportionate Share of Interest Expense of 50% owned persons

     —         —    

Interest component of Rent

     4,030       8,179  
    


 


Total Fixed Charges

   $ 53,046     $ 80,486  
    


 


Earnings Computation

                

Pre-tax earnings from continuing operations

   $ 192,643     $ 483,582  

Add: Fixed Charges

     53,046       80,486  
    


 


     $ 245,689     $ 564,069  

Less: Capitalized Interest

     (3,515 )     (4,746 )

Add: Distributions in excess of (less than) earnings of investee

     5,669       (25,674 )
    


 


Total Earnings as Adjusted

   $ 247,843     $ 533,649  
    


 


Pro Forma Ratio of Earnings to Fixed Charges

     4.7:1       6.6:1