EX-12 2 dex12.htm STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement re: Computation of Ratio of Earnings to Fixed Charges

Exhibit 12

STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(UNAUDITED)

 

     Fiscal Year Ended
     January 31,
2009A		     February 2,
2008		    February 3,
2007B		    January 28,
2006		    January 29,
2005
     (in thousands)

Consolidated income before taxes and equity in earnings of joint ventures

    $ (380,005 )   $ 60,518    $ 253,842    $ 125,791    $ 175,832

Fixed charges (less capitalized interest)

      109,315       111,552      106,136      121,416      157,314

Distributed income of equity investees

      8,167       9,403      9,393      8,858      9,059
                                   

EARNINGS

    $ (262,523 )   $ 181,473    $ 369,371    $ 256,065    $ 342,205
                                   

Interest

    $ 88,821     $ 91,556    $ 87,642    $ 105,570    $ 139,056

Capitalized interest

      2,645       6,312      4,365      6,092      4,485

Interest factor in rent expense

      20,494       19,996      18,494      15,846      18,258
                                   

FIXED CHARGES

    $ 111,960     $ 117,864    $ 110,501    $ 127,508    $ 161,799
                                   

Ratio of earnings to fixed charges

      (2.34 )     1.54      3.34      2.01      2.12
                                   

 

A

The earnings were insufficient to cover fixed charges by approximately $374.5 million.

B

53 weeks