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 15, 2007 | June 16, 2006 | |||||||
Income from continuing operations before income taxes | $ | 197 | $ | 121 | ||||
Add (deduct): | ||||||||
Fixed charges | 262 | 237 | ||||||
Capitalized interest | (4 | ) | (2 | ) | ||||
Amortization of capitalized interest | 3 | 3 | ||||||
Minority interest in consolidated affiliates | 16 | 29 | ||||||
Equity in (earnings) losses related to certain 50% or less owned affiliates | (5 | ) | 5 | |||||
Distributions from equity investments | 2 | 2 | ||||||
Dividends on preferred stock | (4 | ) | (10 | ) | ||||
Issuance costs of redeemed preferred stock | — | (6 | ) | |||||
Adjusted earnings | $ | 467 | $ | 379 | ||||
Fixed charges: | ||||||||
Interest on indebtedness and amortization of deferred financing costs | $ | 230 | $ | 198 | ||||
Capitalized interest | 4 | 2 | ||||||
Dividends on preferred stock | 4 | 10 | ||||||
Portion of rents representative of the interest factor | 24 | 21 | ||||||
Issuance costs of redeemed preferred stock | — | 6 | ||||||
Total fixed charges and preferred stock dividends | $ | 262 | $ | 237 | ||||
Ratio of earning to fixed charges and preferred stock dividends | 1.8 | 1.6 |