EX-12 6 d23285exv12.txt STATEMENT OF COMPUTATION OF RATIOS . . . EXHIBIT 12 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratio) Year Ended ---------------------------------------------------------------------- 2004 2003 2002 2001 2000 ----------- ----------- ------------- ------------ ------------ Income (loss) before income taxes, equity in earnings of non-consolidated affiliates, extraordinary item and cumulative effect of a change in accounting principle $1,339,001 $1,903,338 $ 1,191,261 $(1,259,390) $ 688,384 Dividends and other received from nonconsolidated affiliates 13,491 2,096 6,295 7,426 4,934 ---------- ---------- ------------ ----------- ----------- Total 1,352,492 1,905,434 1,197,556 (1,251,964) 693,318 Fixed Charges Interest expense 367,753 388,000 432,786 560,077 413,425 Amortization of loan fees * * 12,077 14,648 12,401 Interest portion of rentals 385,438 338,965 293,831 270,653 150,317 ---------- ---------- ------------ ----------- ----------- Total fixed charges 753,191 726,965 738,694 845,378 576,143 Preferred stock dividends Tax effect of preferred dividends -- -- -- -- -- After tax preferred dividends -- -- -- -- -- ---------- ---------- ------------ ----------- ----------- Total fixed charges and preferred dividends 753,191 726,965 738,694 845,378 576,143 Total earnings available for payment of fixed charges $2,105,683 $2,632,399 $ 1,936,250 $ (406,586) $ 1,269,461 ========== ========== ============ =========== =========== Ratio of earnings to fixed charges 2.80 3.62 2.62 ** 2.20 ========== ========== ============ =========== =========== Rental fees and charges 1,101,251 968,470 839,516 773,293 429,476 Interest rate 35% 35% 35% 35% 35%
* 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.