EX-12 3 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,     Six  Months
Ended
July 2,
2011
    Six  Months
Ended
July 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      $ 743,542      $ 219,609   

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

    17,690        24,618        36,920        82,341        32,082        2,943        25,749   

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        93,959        79,053   

Plus:  amortization of capitalized interest

    216        216        300        962        2,332        1,181        1,116   

Plus:  distributed income of equity investees

    3,172        8,072        20,117        7,373        4,923        1,147        4,923   

Less:  interest capitalized

    —          (3,700     (10,020     (16,390     (940     (1,555     (100

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     (43,382     (25,856
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings/(loss) before fixed charges

  $ 2,753,864      $ 2,337,799      $ 2,983,791      $ (229,240   $ 396,028      $ 797,835      $ 304,494   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges

             

Interest cost and amortization of bond issuance and settled swaps

  $ 40,351      $ 55,052      $ 144,845      $ 166,313      $ 162,213      $ 93,347      $ 78,205   

Estimated interest on rent expense

    —          329        1,515        2,004        1,413        612        848   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

  $ 40,351      $ 55,381      $ 146,360      $ 168,317      $ 163,626      $ 93,959      $ 79,053   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

    68.25        42.21        20.39        *        2.42        8.49        3.85   

 

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