EX-12.1 4 d508212dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

(Amounts in thousands except Ratio of Earnings to Fixed Charges)    Fiscal Year  
     2012     2011     2010     2009     2008  

Earnings:

           

Add:

           

Income before taxes

    $ 443,415      $ 373,546      $ 359,593      $ 276,549      $ 283,922   

Fixed charges

      59,009        59,864        61,888        74,483        85,930   

Amortization of capitalized interest

      2,864        2,246        1,895        2,241        1,968   

Less:

           

Capitalized interest

      (6,762 )      (4,945 )      (3,410 )      (2,755 )      (2,493 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Earnings available for fixed charges

    $ 498,526      $ 430,711      $ 419,966      $ 350,518      $ 369,327   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges:

           

Interest expense(1)

    $ 41,753      $ 44,639      $ 48,709      $ 61,818      $ 74,008   

Capitalized interest

      6,762        4,945        3,410        2,755        2,493   

Portion of rental expense which represents interest factor(2)

      10,494        10,280        9,769        9,910        9,429   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed charges

    $ 59,009      $ 59,864      $ 61,888      $ 74,483      $ 85,930   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges

      8.45x        7.19x        6.79x        4.71x        4.30x   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) 

This excludes interest expense related to unrecognized tax benefits, which is recognized as a component of income tax expense.

(2) 

Represents one-third of rental expense, which we deem to be a reasonable estimate of the portion of our rental expense that is attributable to interest.