EX-12 122 dex12.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement of Computation of Ratio of Earnings to Fixed Charges

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

                 Years ended December 31,  
(In thousands, except ratio)    Post-merger
2008 (1)
    Pre-merger
2008 (2)
    Pre-merger
2007
    Pre-merger
2006
    Pre-merger
2005
    Pre-merger
2004
    Pre-merger
2003
 

Income from continuing operations before income taxes, equity in earnings of non-consolidated affiliates and cumulative effect of a change in accounting principle

   $ (5,742,580 )   $ 474,657     $ 1,198,646     $ 1,071,437     $ 961,860     $ 1,200,551     $ 1,725,685  

Dividends and other received from nonconsolidated affiliates

     13,143       29,935       6,793       15,179       14,696       13,491       2,096  
                                                        

Total

     (5,729,437 )     504,592       1,205,439       1,086,616       976,556       1,214,042       1,727,781  

Fixed Charges

              

Interest expense (3)

     715,768       213,210       451,870       484,063       443,442       367,511       392,215  

Interest portion of rentals

     184,301       264,387       418,587       374,875       342,462       321,342       282,575  
                                                        

Total fixed charges

     900,069       477,597       870,457       858,938       785,904       688,853       674,790  

Preferred stock dividends

              

Tax effect of preferred dividends

     —         —         —         —         —         —         —    

After tax preferred dividends

     —         —         —         —         —         —         —    
                                                        

Total fixed charges and preferred dividends

     900,069       477,597       870,457       858,938       785,904       688,853       674,790  

Total earnings available for payment of fixed charges

   $ (4,829,368 )   $ 982,189     $ 2,075,896     $ 1,945,554     $ 1,762,460     $ 1,902,895     $ 2,402,571  
                                                        

Ratio of earnings to fixed charges (4)

     N/A       2.06       2.38       2.27       2.24       2.76       3.56  
                                                        

Rental fees and charges

     526,575       755,391       1,195,962       1,071,072       978,463       918,120       807,356  

Interest portion

     35 %     35 %     35 %     35 %     35 %     35 %     35 %

 

(1) For the period from July 31 through December 31, 2008.
(2) For the period from January 1 through July 30, 2008.
(3) The interest amount does not include interest expense associated with unrecognized tax benefits.
(4) Earnings, as adjusted, were not sufficient to cover fixed charges by approximately $5.7 billion for the post-merger period from July 31 through December 31, 2008.