EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(in millions, except ratio amounts)
Year-to-date ended | ||||||||
September 9, 2005 | September 10, 2004 | |||||||
Income (loss) from continuing operations before income taxes | $ | 102 | $ | (91 | ) | |||
Add (deduct): | ||||||||
Fixed charges | 377 | 423 | ||||||
Capitalized interest | (3 | ) | (2 | ) | ||||
Amortization of capitalized interest | 4 | 4 | ||||||
Minority interest in consolidated affiliates | 12 | (2 | ) | |||||
Net losses related to certain 50% or less owned affiliates | 1 | 12 | ||||||
Distributions from equity investments | 2 | 2 | ||||||
Dividends on preferred stock | (21 | ) | (28 | ) | ||||
Issuance costs of redeemed preferred stock | (4 | ) | (4 | ) | ||||
Adjusted earnings | $ | 470 | $ | 314 | ||||
Fixed charges: | ||||||||
Interest on indebtedness and amortization of deferred financing costs | $ | 317 | $ | 356 | ||||
Capitalized interest | 3 | 2 | ||||||
Dividends on preferred stock | 21 | 28 | ||||||
Portion of rents representative of the interest factor | 32 | 33 | ||||||
Issuance costs of redeemed preferred stock | 4 | 4 | ||||||
Total fixed charges and preferred stock dividends | $ | 377 | $ | 423 | ||||
Ratio of earning to fixed charges and preferred stock dividends | 1.2 | — | ||||||
Deficiency of earnings to fixed charges and preferred stock dividends | $ | — | $ | (109 | ) |