EX-12.1 5 v121769_ex12-1.htm
Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

   
Year Ended December 31,
 
 
 
Six Months Ended
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30,
 
June 28, 
 
 
 
2003
 
2004
 
2005
 
2006
 
2007
 
2007
 
2008
  
   
(In thousands, except ratios)
  
Earnings
                              
Earnings before income taxes
  
$
69,978
  
$
1,725,891
  
$
2,027,083
  
$
2,692,435
  
$
2,253,315
  
$
1,122,381
  
$
1,498,949
  
                                             
Plus: minority interests
    
23,904
   
80,840
   
110,650
   
219,121
   
293,501
   
138,159
   
179,707
 
                                             
Plus/(Less): losses/(earnings) from equity investments
    
97
   
(4,070
)
  
(476
)
  
17,690
   
24,618
   
10,298
   
18,447
 
                                             
Plus: fixed charges (includes interest expense and amortization of bond issuance costs and settled swaps and estimated interest on rent expense)
    
27,151
   
30,645
   
36,571
   
40,351
   
55,381
   
26,371
   
66,649
 
                                             
Plus: amortization of capitalized interest
    
-
   
108
   
216
   
216
   
216
   
108
   
108
 
                                             
Plus: distributed income of equity investees
    
-
   
-
   
-
   
3,172
   
8,072
   
2,109
   
8,462
 
                                             
Less: interest capitalized
    
(850
)
  
(1,310
)
  
-
   
-
   
(3,700
)
  
-
   
(1,530
)
                                             
Less: minority interests in subsidiaries that have not incurred fixed charges
    
(23,904
)
  
(80,840
)
  
(110,650
)
  
(219,121
)
  
(293,604
)
  
(119,456
)
  
(179,086
)
                                             
   
$
96,376
  
$
1,751,264
  
$
2,063,394
  
$
2,753,864
  
$
2,337,799
  
$
1,179,970
  
$
1,591,706
  
                                             
Fixed charges
                                            
Interest expense and amortization of bond issuance and settled swaps
    
27,151
   
30,645
   
36,571
   
40,351
   
55,052
   
26,243
   
66,041
 
                                             
Estimated interest on rent expense
    
-
   
-
   
-
   
-
   
329
   
128
   
608
 
                                             
Total Fixed Charges
    
27,151
   
30,645
   
36,571
   
40,351
   
55,381
   
26,371
   
66,649
 
                                             
Ratio of earnings to fixed charges
    
3.55
   
57.15
   
56.42
   
68.25
   
42.21
   
44.74
   
23.88