EX-12.1 13 dex121.htm RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS CALCULATION Ratio of earnings to fixed charges and preferred share dividends calculation

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges and Preferred Share Dividends

 

     Fiscal year ended December 31  
     2007    2006    2005    2004    2003    2002  

Earnings per Financial Statements

    $ 2,578,098    $ 2,305,169    1,028,241    $ 1,152,686    $ 1,482,923    $ 99,882  

Add (deduct):

                  

Provision for income taxes

      575,475      523,267    272,557      286,443      310,707      (111,542 )

Fixed charges

      198,722      199,811    201,885      211,035      205,758      215,161  
                                         

Earnings for Computation

    $ 3,352,295    $ 3,028,247    1,502,683    $ 1,650,164    $ 1,999,388    $ 203,501  
                                         

Fixed Charges

                  

Interest Expense(1)

    $ 174,870    $ 175,698    174,029    $ 182,984    $ 177,425    $ 193,494  

One third of payments under operating leases

      23,852      24,113    27,856      28,051      28,333      21,667  
                                         

Total Fixed Charges

    $ 198,722    $ 199,811    201,885    $ 211,035    $ 205,758    $ 215,161  
                                         

Ratio of Earnings to Fixed Charges

      16.9      15.2    7.4      7.8      9.7      (2)  
                                         

Preferred Share Dividends

    $ 44,851    $ 44,851    44,850    $ 44,972    $ 36,009    $ 25,662  
                                         

Total Fixed Charges and Preferred Share Dividends

    $ 243,573    $ 244,662    246,735    $ 256,007    $ 241,767    $ 240,823  
                                         

Ratio of Earnings to Fixed Charges and Preferred Share Dividends

      13.8      12.4    6.1      6.4      8.3      (2)  
                                         

 

(1)

The Company recognizes accruals for interest and penalties, if any, related to unrecognized tax benefits in income tax expense (i.e. excluded from interest expense).

(2)

Earnings for the year ended December 31, 2002 were insufficient to cover fixed charges by $12 million and combined fixed charges and preferred share dividends by $37 million.