EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(in millions, except ratio amounts)
Year-to-date ended | ||||||||
June 16, 2006 | June 17, 2005 | |||||||
Income (loss) from continuing operations before income taxes | $ | 133 | $ | 113 | ||||
Add (deduct): | ||||||||
Fixed charges | 237 | 265 | ||||||
Capitalized interest | (2 | ) | (2 | ) | ||||
Amortization of capitalized interest | 3 | 3 | ||||||
Minority interest in consolidated affiliates | 29 | 12 | ||||||
Equity in (earnings) losses related to certain 50% or less owned affiliates | 5 | 1 | ||||||
Distributions from equity investments | 2 | 1 | ||||||
Dividends on preferred stock | (10 | ) | (15 | ) | ||||
Issuance costs of redeemed preferred stock | (6 | ) | (4 | ) | ||||
Adjusted earnings | $ | 391 | $ | 374 | ||||
Fixed charges: | ||||||||
Interest on indebtedness and amortization of deferred financing costs | $ | 198 | $ | 223 | ||||
Capitalized interest | 2 | 2 | ||||||
Dividends on preferred stock | 10 | 15 | ||||||
Portion of rents representative of the interest factor | 21 | 21 | ||||||
Issuance costs of redeemed preferred stock | 6 | 4 | ||||||
Total fixed charges and preferred stock dividends | $ | 237 | $ | 265 | ||||
Ratio of earning to fixed charges and preferred stock dividends | 1.6 | 1.4 |