EX-12.1 4 a2197615zex-12_1.htm EX-12.1
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Exhibit 12.1


STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
  Nine Months Ended   Fiscal Year Ended  
 
  February 28,
2010
  March 1,
2009
  May 31,
2009
  May 25,
2008
  May 27,
2007
  May 28,
2006
  May 29,
2005
 
(in millions)
  (unaudited)
   
   
   
   
   
 

Earnings(1)

                                           

Income before taxes and our share in net losses of equity-method investments

  $ 172.1   $ 193.2   $ 113.6   $ 451.2   $ 530.6   $ 695.9   $ 415.6  

Add: Fixed Charges

    46.8     57.5     75.1     88.4     5.1     5.6     5.0  

Less: Interest capitalized

                             
                               

Total earnings

  $ 218.9   $ 250.7   $ 188.7   $ 539.6   $ 535.7   $ 701.5   $ 420.6  
                               

Fixed Charges(2)

                                           
 

Interest expensed

  $ 45.5   $ 55.7   $ 72.7   $ 85.5   $ 1.2   $ 1.9   $ 1.5  
 

Interest capitalized

                             
 

Estimate of interest in rent expense

    1.3     1.8     2.4     2.9     3.9     3.7     3.5  
                               

Total fixed charges

  $ 46.8   $ 57.5   $ 75.1   $ 88.4   $ 5.1   $ 5.6   $ 5.0  
                               

Ratio of earnings to fixed charges

    4.7 x   4.4 x   2.5 x   6.1 x   105.0 x   125.3 x   84.1 x
                               

(1)
The term "earnings" means the amounts resulting from the following: (a) our income before provision for income taxes and our share in net losses of equity-method investments, plus (b) our fixed charges, less (c) our interest capitalized.

(2)
The term "fixed charges" means the amounts resulting from the following: (a) interest expensed, plus (b) our interest capitalized, plus (c) our estimate of the interest component of rent expense.



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STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES