EX-12 14 dex12.htm STATEMENTS RE: COMPUTATION OF RATIOS Statements re: Computation of Ratios

EXHIBIT 12

 

STATEMENTS RE: COMPUTATION OF RATIOS

Ratio of Earnings to Fixed Charges

For Fiscal Years Ended 1999 - 2003

(000’s)

 

     Fiscal Year Ended

     11/30/2003     11/24/2002    11/25/2001    11/26/2000    11/28/1999
    

Fixed Charges:

                                   

Interest:

                                   

Interest expense (includes amortization of debt discount and costs)

   $ 254,265     $ 186,493    $ 219,956    $ 234,098    $ 182,978

Capitalized debt costs

     59,670       33,918      49,730      34,769      15,729

Interest factor in rental expense

     27,205       26,272      25,879      26,026      28,700
    

Total fixed charges

     341,140       246,683      295,565      294,893      227,407
    

Earnings:

                                   

Income (loss) before income taxes

     (31,292 )     26,587      222,648      382,710      7,257

Add: Fixed charges

     341,140       246,683      306,381      294,893      227,407
    

Total Earnings

     309,848       273,270      518,213      677,603      234,664
    

Ratio of Earnings to Fixed Charges

     0.9       1.1      1.8      2.3      1.0

 

 

For the purpose of computing the ratio of earnings to fixed charges, earnings are defined as income from continuing operations before income taxes plus fixed charges. Fixed charges are defined as the sum of interest on all indebtedness, amortization of debt issuance cost (including amounts capitalized) and that portion of rental expense which we believe to be representative of an interest factor.