EX-12.1 6 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 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, 2002
   
September 30, 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
rental expense
   
 
1.476
   
 
2.940
   
 
4.129
   
 
5.228
   
 
4.562
   
 
8.703
   
 
5.120
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 charges
   
 
2.23
   
 
1.32
   
 
1.21
   
 
1.15
   
 
1.08
   
 
1.42
   
 
1.49
(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.