EX-12 3 dex12.htm STATEMENT RE: COMPUTATION OF RATIOS Statement re: Computation of Ratios

EXHIBIT 12 – COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

    Six Months Ended
June 30,
            Year Ended December 31,
(In thousands, except ratio)   Post-merger     Pre-merger   Post-merger     Pre-merger   Pre-merger   Pre-merger   Pre-merger   Pre-merger
   

2009

   

2008

 

2008 (1)

   

2008 (2)

 

2007

 

2006

 

2005

 

2004

Income (loss) from continuing operations before income taxes, equity in earnings of non-consolidated affiliates and cumulative effect of a change in accounting principle

  $ (4,249,085   $ 538,369   $ (5,742,580   $ 474,657   $ 1,198,646   $ 1,071,437   $ 961,860   $ 1,200,551

Dividends and other received from nonconsolidated affiliates

    10,570        16,381     13,143        29,935     6,793     15,179     14,696     13,491
                                                   

Total

    (4,238,515     554,750     (5,729,437     504,592     1,205,439     1,086,616     976,556     1,214,042

Fixed Charges

               

Interest expense (3)

    771,678        182,178     715,768        213,210     451,870     484,063     443,442     367,511

Interest portion of rentals

    191,519        227,006     184,301        264,387     418,587     374,875     342,462     321,342
                                                   

Total fixed charges

    963,197        409,184     900,069        477,597     870,457     858,938     785,904     688,853

Preferred stock dividends

               

Tax effect of preferred dividends

                                     

After tax preferred dividends

                                     
                                                   

Total fixed charges and preferred dividends

    963,197        409,184     900,069        477,597     870,457     858,938     785,904     688,853

Total earnings available for payment of fixed charges

  $ (3,275,318   $ 963,934   $ (4,829,368   $ 982,189   $ 2,075,896   $ 1,945,554   $ 1,762,460   $ 1,902,895
                                                   

Ratio of earnings to fixed charges (4)

    N/A        2.36     N/A        2.06     2.38     2.27     2.24     2.76
                                                   

Rental fees and charges

    547,196        648,589     526,575        755,391     1,195,962     1,071,072     978,463     918,120

Interest portion of rental expense

    35%        35%     35%        35%     35%     35%     35%     35%

 

(1)    For the period from July 31 through December 31, 2008.

(2)    For the period from January 1 through July 30, 2008.

(3)    The interest amount does not include interest expense associated with unrecognized tax benefits.

(4)     Earnings, as adjusted, were not sufficient to cover fixed charges by approximately $4.2 billion for the six months ended June 30, 2009. Earnings, as adjusted, were not sufficient to cover fixed charges by approximately $5.7 billion for the post-merger period from July 31 through December 31, 2008.