EX-12 3 d65115exv12.htm EX-12

exv12

EXHIBIT 12 — COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

														Years ended December 31,
		Post-merger				Pre-merger				Pre-merger				Pre-merger				Pre-merger				Pre-merger				Pre-merger				Pre-merger
(In thousands, except ratio)		2008 (1)				2008 (2)				2007 (3)				2007				2006				2005				2004				2003
Income from continuing operations before income taxes, equity in earnings of non-consolidated affiliates and cumulative effect of a change in accounting principle		$	(79,025	)		$	474,657			$	840,969			$	1,198,646			$	1,071,437			$	961,860			$	1,200,551			$	1,725,685
Dividends and other received from nonconsolidated affiliates			5,782				21,876				20,352				6,793				15,179				14,696				13,491				2,096
Total			(73,243	)			496,533				861,321				1,205,439				1,086,616				976,556				1,214,042				1,727,781
Fixed Charges
Interest expense (4)			281,479				213,210				347,525				451,870				484,063				443,442				367,511				392,215
Interest portion of rentals			90,189				264,387				288,909				418,587				374,875				342,462				321,342				282,575
Total fixed charges			371,668				477,597				636,434				870,457				858,938				785,904				688,853				674,790
Preferred stock dividends
Tax effect of preferred dividends			—				—				—				—				—				—				—				—
After tax preferred dividends			—				—				—				—				—				—				—				—
Total fixed charges and preferred dividends			371,668				477,597				636,434				870,457				858,938				785,904				688,853				674,790
Total earnings available for payment of fixed charges		$	298,425			$	974,130			$	1,497,755			$	2,075,896			$	1,945,554			$	1,762,460			$	1,902,895			$	2,402,571
Ratio of earnings to fixed charges (5)			N/A				2.04				2.35				2.38				2.27				2.24				2.76				3.56
Rental fees and charges			257,684				755,391				825,454				1,195,962				1,071,072				978,463				918,120				807,356
Interest portion			35	%			35	%			35	%			35	%			35	%			35	%			35	%			35	%

(1)		For the period from July 31 through September 30, 2008.
(2)		For the period from January 1 through July 30, 2008.
(3)		For the nine months ended September 30, 2007.
(4)		The interest amount does not include interest expense associated with unrecognized tax benefits.
(5)		Earnings, as adjusted, were not sufficient to cover fixed charges by approximately $73.2 million for the post merger period from July 31 through September 30, 2008.