EX-12 4 d94835ex12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratio) Year Ended --------------------------------------------------------------------------------- 2001 2000 1999 1998 1997 ---- ---- ---- ---- ---- Income (loss) before income taxes, equity in earnings of non- consolidated affiliates and extraordinary item (1,259,390) 688,384 220,213 117,922 104,077 Dividends and other received from nonconsolidated affiliates 7,426 4,934 7,079 9,168 4,624 ---------- --------- ------- ------- ------- Total (1,251,964) 693,318 227,292 127,090 108,701 Fixed Charges Interest expense 575,057 413,425 192,321 135,766 75,076 Amortization of loan fees 14,648 12,401 1,970 2,220 1,451 Interest portion of rentals 233,353 50,317 24,511 16,044 6,120 ---------- --------- ------- ------- ------- Total fixed charges 823,058 576,143 218,802 154,030 82,647 Preferred stock dividends Tax effect of preferred dividends -- -- -- -- -- After tax preferred dividends -- -- -- -- -- ---------- --------- ------- ------- ------- Total fixed charges and preferred dividends 823,058 576,143 218,802 154,030 82,647 Total earnings available for payment of fixed charges (428,096) 1,269,461 446,094 281,120 191,348 ========== ========= ======= ======= ======= Ratio of earnings to fixed charges (.52) 2.20 2.04 1.83 2.32 ========== ========= ======= ======= ======= Rental fees and charges 666,724 429,476 306,393 200,550 76,500 Interest rate 35% 35% 8% 8% 8%