EX-12 4 h85063ex12.txt STATEMENT RE: COMPUTATION OF RATIOS 1 EXHIBIT 12 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (In thousands, except ratio)
Year Ended ---------------------------------------------------------------- 2000 1999 1998 1997 1996 ---- ---- ---- ---- ---- Income before income taxes, equity in earnings of non- consolidated affiliates and extraordinary item 688,384 220,213 117,922 104,077 71,240 Dividends and other received from nonconsolidated affiliates 4,934 7,079 9,168 4,624 10,430 ----------- --------- -------- -------- --------- Total 693,318 227,292 127,090 108,701 81,670 Fixed Charges Interest expense 413,425 192,321 135,766 75,076 30,080 Amortization of loan fees 12,401 1,970 2,220 1,451 506 Interest portion of rentals 150,317 24,511 16,044 6,120 424 ----------- --------- -------- -------- --------- Total fixed charges 576,143 218,802 154,030 82,647 31,010 Preferred stock dividends Tax effect of preferred dividends -- -- -- -- -- After tax preferred dividends -- -- -- -- -- ----------- --------- -------- -------- --------- Total fixed charges and preferred dividends 576,143 218,802 154,030 82,647 31,010 Total earnings available for payment of fixed charges 1,269,461 446,094 281,120 191,348 112,680 =========== ========= ======== ======== ========= Ratio of earnings to fixed charges 2.20 2.04 1.83 2.32 3.63 =========== ========= ======== ======== ========= Rental fees and charges 429,476 306,393 200,550 76,500 5,299 Interest rate 35% 8% 8% 8% 8%