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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 27, 2009 | March 21, 2008 | |||||||
Income (loss) from continuing operations before income taxes | $ | (91 | ) | $ | 55 | |||
Add (deduct): | ||||||||
Fixed charges | 104 | 100 | ||||||
Capitalized interest | (3 | ) | (3 | ) | ||||
Amortization of capitalized interest | 1 | 1 | ||||||
Equity in losses related to certain 50% or less owned affiliates | 3 | — | ||||||
Distributions from equity investments | — | 2 | ||||||
Dividends on preferred stock | (2 | ) | (2 | ) | ||||
Adjusted earnings | $ | 12 | $ | 153 | ||||
Fixed charges: | ||||||||
Interest on indebtedness and amortization of deferred financing costs | $ | 87 | $ | 83 | ||||
Capitalized interest | 3 | 3 | ||||||
Dividends on preferred stock | 2 | 2 | ||||||
Portion of rents representative of the interest factor | 12 | 12 | ||||||
Total fixed charges and preferred stock dividends | $ | 104 | $ | 100 | ||||
Ratio of earning to fixed charges and preferred stock dividends | — | 1.5 | ||||||
Deficiency of earnings to fixed charges and preferred stock dividends | $ | (92 | ) | $ | — |