EX-12 4 dex12.htm COMPUTATION OF EARNINGS-TO-FIXED-CHARGES RATIO Computation of earnings-to-fixed-charges ratio

Exhibits

Exhibit 12

COMPUTATION OF EARNINGS TO FIXED CHARGES RATIO

(IN THOUSANDS OF DOLLARS, EXCEPT RATIO DATA)

 

     YEAR ENDED  
    

Dec. 25,

2005

   

Dec. 26,

2004

   

Dec. 28,

2003

   

Dec. 29,

2002

   

Dec. 30,

2001

 

FIXED CHARGES COMPUTATION

          

INTEREST EXPENSE:

          

NET INTEREST EXPENSE

   $ 90,749     $ 49,850     $ 68,715     $ 74,251     $ 98,872  

PLUS CAPITALIZED INTEREST

     6,866       4,746       2,079       718       1,961  
                                        

GROSS INTEREST EXPENSE

     97,615       54,596       70,794       74,969       100,833  

PROPORTIONATE SHARE OF INTEREST EXPENSE OF 50% OWNED PERSONS

          

INTEREST COMPONENT OF RENT EXPENSE

     8,738       8,141       8,190       8,243       8,613  
                                        

TOTAL FIXED CHARGES

   $ 106,353     $ 62,737     $ 78,984     $ 83,212     $ 109,446  
                                        

EARNINGS COMPUTATION

          

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES, DISCONTINUED OPERATIONS AND CUMMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE OF UNCONSOLIDATED COMPANY

   $ 384,260     $ 456,387     $ 424,818     $ 412,091     $ 278,906  

ADD: FIXED CHARGES

     106,353       62,737       78,984       83,212       109,446  

LESS: CAPITALIZED INTEREST

     (6,866 )     (4,746 )     (2,079 )     (718 )     (1,961 )

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

     (36,977 )     (25,674 )     (23,855 )     39,608       19,624  
                                        

TOTAL EARNINGS AS ADJUSTED

   $ 446,770     $ 488,704     $ 477,868     $ 534,193     $ 406,015  
                                        

RATIO OF EARNINGS TO FIXED CHARGES

     4.2:1       7.8:1       6.1:1       6.4:1       3.7:1