EX-12 2 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12

Computation of Ratio of Earnings to Fixed Charges

 

     Year-ended December 31,     Three
Months
Ended

April 2,
2011
    Three
Months
Ended

April 3,
2010
 
                                    
     2006     2007     2008     2009     2010      
     (In thousands, except ratios)              

Earnings

              

Earnings/(loss) before income taxes and noncontrolling interests

   $ 2,911,556      $ 2,546,816      $ 3,104,391      $ (413,978   $ 267,115      $ 266,255      $ 64,036   

Plus/(Less): losses/(earnings) from equity investments

     17,690        24,618        36,920        82,341        32,082        4,210        18,377   

Plus: fixed charges (includes interest expense and amortization of bond issuance costs and settled swaps and estimated interest on rent expense)

     40,351        55,381        146,360        168,317        163,626        46,972        39,828   

Plus: amortization of capitalized interest

     216        216        300        962        2,332        589        558   

Plus: distributed income of equity investees

     3,172        8,072        20,117        7,373        4,923        —          —     

Less: interest capitalized

     —          (3,700     (10,020     (16,390     (940     (1,032     (70

Less: pre-tax earnings in noncontrolling interests in subsidiaries that have not incurred fixed charges

     (219,121     (293,604     (314,277     (57,865     (73,110     (22,231     (10,431
                                                        

Total earnings/(loss) before fixed charges

   $ 2,753,864      $ 2,337,799      $ 2,983,791      $ (229,240   $ 396,028      $ 294,763      $ 112,298   
                                                        

Fixed charges

              

Interest cost and amortization of bond issuance and settled swaps

     40,351        55,052        144,845        166,313        162,213        46,665        39,405   

Estimated interest on rent expense

     —          329        1,515        2,004        1,413        307        423   
                                                        

Total Fixed Charges

     40,351        55,381        146,360        168,317        163,626        46,972        39,828   
                                                        

Ratio of earnings to fixed charges

     68.25        42.21        20.39        *        2.42        6.28        2.82   

 

* Earnings for the year ended December 31, 2009 were inadequate to cover fixed charges. The coverage deficiency was $397,557.