EX-12 5 a2175865zex-12.htm EXHIBIT 12

EXHIBIT 12

 

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

We have calculated the ratio of earnings to fixed charges in the following table by dividing earnings by fixed charges. For this purpose, earnings include pre-tax income from continuing operations plus fixed charges, before capitalized interest. Fixed charges include interest, whether expensed or capitalized, amortization of debt expense, preferred stock dividend requirement and that portion of rental expense which is representative of the interest factor in those rentals.

 

 

 

Thirty-Nine

 

Year Ended

 

 

 

Weeks Ended

 

 

 

February

 

February

 

 

 

 

 

 

 

December 2,
2006
(39 Weeks)

 

March 4,
2006
(53 Weeks)

 

26,
2005
(52 Weeks)

 

28,
2004
(52 weeks)

 

March 1,
2003
(52 weeks)

 

March 2,
2002
(52 weeks)

 

 

 

(Dollars in thousands)

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

205,703

 

$

277,017

 

$

294,871

 

$

313,498

 

$

330,020

 

$

396,064

 

Interest portion of net rental expense(1)

 

145,250

 

189,756

 

185,313

 

184,391

 

189,528

 

181,493

 

Fixed charges before capitalized interest and preferred stock dividend requirements

 

350,953

 

466,773

 

480,184

 

497,889

 

519,548

 

577,557

 

Preferred stock dividend requirement(2)

 

46,988

 

65,446

 

54,194

 

37,074

 

49,540

 

42,354

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

1,027

 

934

 

250

 

133

 

301

 

806

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

398,968

 

$

533,153

 

$

534,628

 

$

535,096

 

$

569,389

 

$

620,717

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$

13,417

 

$

43,254

 

$

134,007

 

$

34,584

 

$

(154,482

)

$

(837,385

)

Share of loss from equity method investees

 

—

 

—

 

—

 

—

 

—

 

12,092

 

Preferred stock dividend requirement

 

(46,988

)

(65,446

)

(54,194

)

(37,074

)

(49,540

)

(42,354

)

Fixed charges before capitalized interest

 

397,941

 

532,219

 

534,378

 

534,963

 

569,088

 

619,911

 

Total adjusted earnings (loss)

 

364,370

 

510,027

 

614,191

 

532,473

 

365,066

 

(247,736

)

Earnings to fixed charges (deficiency) excess

 

$

(34,598

)

$

(23,126

)

$

79,563

 

$

(2,623

)

$

(204,323

)

$

(868,453

)

Ratio of earnings to fixed charges

 

—

 

—

 

1.15

x

—

 

—

 

—

 

 

(1)          The interest portion of net rental expense is estimated to be equal to one-third of the minimum rental expense for the period.

(2)          The preferred stock divided requirement is computed as the pre-tax earnings that would be required to cover preferred stock dividends.

 

12-1