EX-12 6 d39066exv12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12
 

EXHIBIT 12 – COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratio)
                                                         
    Six Months Ended        
    June 30,     Year Ended  
    2006     2005     2005     2004     2003     2002     2001  
Income (loss) before income taxes, equity in earnings of non-consolidated affiliates, extraordinary item and cumulative effect of a change in accounting principle
  $ 491,335     $ 447,630     $ 1,023,143     $ 1,273,871     $ 1,787,148     $ 1,091,709     $ (1,077,469 )
Dividends and other received from nonconsolidated affiliates
    2,143       4,729       14,696       13,491       2,096       6,295       7,426  
 
                                         
Total
    493,478       452,359       1,037,839       1,287,362       1,789,244       1,098,004       (1,070,043 )
 
                                                       
Fixed Charges
                                                       
Interest expense
    237,674       211,707       443,245       367,503       392,215       430,890       555,452  
Amortization of loan fees
                *       *       *       12,077       14,648  
Interest portion of rentals
    179,006       169,494       345,288       323,957       285,143       246,514       225,292  
 
                                         
Total fixed charges
    416,680       381,201       788,533       691,460       677,358       689,481       795,392  
 
                                                       
Preferred stock dividends
                                                       
Tax effect of preferred dividends
                                         
After tax preferred dividends
                                         
 
                                         
Total fixed charges and preferred dividends
    416,680       381,201       788,533       691,460       677,358       689,481       795,392  
 
                                                       
Total earnings available for payment of fixed charges
  $ 910,158     $ 833,560     $ 1,826,372     $ 1,978,822     $ 2,466,602     $ 1,787,485     $ (274,651 )
 
                                         
 
                                                       
Ratio of earnings to fixed charges
    2.18       2.19       2.32       2.86       3.64       2.59       * *
 
                                         
 
                                                       
Rental fees and charges
    511,446       484,269       986,536       925,592       814,694       704,327       643,691  
Interest rate
    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 $1.1 billion.