EX-12 2 d222653dex12.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,     Nine Months
Ended

October 1,
2011
    Nine
Months
Ended

October 2,
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      $ 1,027,757      $ 277,615   

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

     17,690        24,618        36,920        82,341        32,082        14,190        31,481   

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        139,541        119,395   

Plus: amortization of capitalized interest

     216        216        300        962        2,332        1,917        1,674   

Plus: distributed income of equity investees

     3,172        8,072        20,117        7,373        4,923        3,883        4,923   

Less: interest capitalized

     —          (3,700     (10,020     (16,390     (940     (2,349     (400

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     (62,093     (52,620
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings/(loss) before fixed charges

   $ 2,753,864      $ 2,337,799      $ 2,983,791      $ (229,240   $ 396,028      $ 1,122,846      $ 382,068   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges

              

Interest cost and amortization of bond issuance and settled swaps

   $ 40,351      $ 55,052      $ 144,845      $ 166,313      $ 162,213      $ 138,625      $ 118,123   

Estimated interest on rent expense

     —          329        1,515        2,004        1,413        916        1,272   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

   $ 40,351      $ 55,381      $ 146,360      $ 168,317      $ 163,626      $ 139,541      $ 119,395   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

     68.25        42.21        20.39              2.42        8.05        3.20   

 

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