EX-12 10 d13446exv12.txt STATEMENT RE: COMPUTATION OF RATIOS . . . EXHIBIT 12 -- COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratio) Year Ended ------------------------------------------------------------------------ 2003 2002 2001 2000 1999 ----------- ----------- ----------- ----------- ----------- Income (loss) before income taxes, equity in earnings of non-consolidated affiliates, extraordinary item and cumulative effect of a change in accounting principle $ 1,903,338 $ 1,191,261 $(1,259,390) $ 688,384 $ 220,213 Dividends and other received from nonconsolidated affiliates 2,096 6,295 7,426 4,934 7,079 ----------- ----------- ----------- ----------- ----------- Total 1,905,434 1,197,556 (1,251,964) 693,318 227,292 Fixed Charges Interest expense 388,000 432,786 560,077 413,425 192,321 Amortization of loan fees * 12,077 14,648 12,401 1,970 Interest portion of rentals 338,965 293,831 270,653 150,317 24,511 ----------- ----------- ----------- ----------- ----------- Total fixed charges 726,965 738,694 845,378 576,143 218,802 Preferred stock dividends Tax effect of preferred dividends -- -- -- -- -- After tax preferred dividends -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- Total fixed charges and preferred dividends 726,965 738,694 845,378 576,143 218,802 Total earnings available for payment of fixed charges $ 2,632,399 $ 1,936,250 $ (406,586) $ 1,269,461 $ 446,094 =========== =========== =========== =========== =========== Ratio of earnings to fixed charges 3.62 2.62 ** 2.20 2.04 =========== =========== =========== =========== =========== Rental fees and charges 968,470 839,516 773,293 429,476 306,393 Interest rate 35% 35% 35% 35% 8%
* Amortization of loan fees is included in Interest expense beginning January 1, 2003. ** For the year ended December 31, 2001, fixed charges exceeded earnings before income taxes and fixed charges by $1.3 billion.