EX-12.1 6 dex121.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)
Nine Months Ended Fiscal Year (2) ---------------------------- -------------------------------------------------------------------- September 29, September 30, 2002 2001 2001 2000 1999 1998 1997 ------------- ------------- ------------ ------------ ------------ ------------ ------------ (dollars in millions) Income before income taxes $ 39.987 $ 13.705 $ 11.696 $ 9.835 $ 4.986 $ 23.246 $ 24.270 Minority Interest 6.195 -- -- -- -- -- -- Fixed Charges Interest Expense 35.471 34.245 44.322 53.346 50.581 39.947 37.479 Expenses related to indebtedness (3) 0.526 0.625 0.830 0.938 0.836 -- -- Estimated interest portion of 1.476 2.940 4.129 5.228 4.562 8.703 5.120 rental expense Piedmont fixed charges -- 5.228 6.668 7.432 6.911 6.837 7.219 ------------- ------------- ------------ ------------ ------------ ------------ ------------ Total fixed charges 37.473 43.037 55.949 66.944 62.890 55.487 49.818 Earnings, as defined 83.655 56.742 67.645 76.779 67.876 78.733 74.088 Ratio of earnings to fixed 2.23 1.32 1.21 1.15 1.08 1.42 1.49 charges
(1) For purposes of computing this ratio, (a) "earnings" consists of income from continuing operations before income taxes and minority interest plus fixed charges and (b) "fixed charges" consists of interest expensed; the amortized premiums, discounts and capitalized expenses related to indebtedness; and the estimated interest portion of our rental expense. (2) Our fiscal year ends on the Sunday nearest December 31. All years presented are 52-week years, except for 1998, which was a 53-week year. (3) Consists of the amortized premiums, discounts and capitalized expenses related to indebtedness.