EX-12 3 d25271exv12.htm STATEMENT RE: COMPUTATION OF RATIOS exv12
 

EXHIBIT 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In thousands, except ratio data)

                                                         
    Three Months Ended    
    March 31,
  Year Ended
    2005
  2004
  2004
  2003
  2002
  2001
  2000
Income (loss) before income taxes, equity in earnings of non-consolidated affiliates and extraordinary item
  $ 73,000     $ 189,056     $ 1,339,001     $ 1,903,338     $ 1,191,261     $ (1,259,390 )   $ 688,384  
Dividends and other received from non-consolidated affiliates
    2,771       1,150       13,491       2,096       6,295       7,426       4,934  
 
   
 
     
 
     
 
     
 
     
 
     
 
     
 
 
Total
    75,771       190,206       1,352,492       1,905,434       1,197,556       (1,251,964 )     693,318  
 
                                                       
Fixed Charges
                                                       
Interest expense
    106,783       89,805       367,753       388,000       432,786       560,077       413,425  
Amortization of loan fees
    *       *       *       *       12,077       14,648       12,401  
Interest portion of rentals
    98,296       91,141       385,438       338,965       293,831       270,653       150,317  
 
   
 
     
 
     
 
     
 
     
 
     
 
     
 
 
Total fixed charges
    205,079       180,946       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
    205,079       180,946       753,191       726,965       738,694       845,378       576,143  
 
                                                       
Total earnings available for payment of fixed charges
  $ 280,850     $ 371,152     $ 2,105,683     $ 2,632,399     $ 1,936,250     $ (406,586 )   $ 1,269,461  
 
   
 
     
 
     
 
     
 
     
 
     
 
     
 
 
Ratio of earnings to fixed charges
    1.37       2.05       2.80       3.62       2.62       * *     2.20  
 
   
 
     
 
     
 
     
 
     
 
     
 
     
 
 
Rental fees and charges
    280,847       260,403       1,101,251       968,470       839,516       773,293       429,476  
Interest component
    35 %     35 %     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.