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EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(in millions, except ratio amounts)
Quarter ended | ||||||||
March 24, 2006 | March 25, 2005 | |||||||
Income (loss) from continuing operations before income taxes | $ | 19 | $ | (10 | ) | |||
Add (deduct): | ||||||||
Fixed charges | 109 | 130 | ||||||
Capitalized interest | (1 | ) | (1 | ) | ||||
Amortization of capitalized interest | 1 | 1 | ||||||
Minority interest in consolidated affiliates | 13 | 4 | ||||||
Equity in (earnings) losses related to certain 50% or less owned affiliates | (1 | ) | 4 | |||||
Distributions from equity investments | 1 | 1 | ||||||
Dividends on preferred stock | (6 | ) | (8 | ) | ||||
Adjusted earnings | $ | 135 | $ | 121 | ||||
Fixed charges: | ||||||||
Interest on indebtedness and amortization of deferred financing costs | $ | 91 | $ | 109 | ||||
Capitalized interest | 1 | 1 | ||||||
Dividends on preferred stock | 6 | 8 | ||||||
Portion of rents representative of the interest factor | 11 | 12 | ||||||
Total fixed charges and preferred stock dividends | $ | 109 | $ | 130 | ||||
Ratio of earning to fixed charges and preferred stock dividends | 1.24 | — | ||||||
Deficiency of earnings to fixed charges and preferred stock dividends | $ | — | $ | (9 | ) |