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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 19, 2009 | June 13, 2008 | |||||||
Income (loss) from continuing operations before income taxes | $ | (131 | ) | $ | 247 | |||
Add (deduct): | ||||||||
Fixed charges | 202 | 205 | ||||||
Capitalized interest | (5 | ) | (6 | ) | ||||
Amortization of capitalized interest | 3 | 3 | ||||||
Equity in (earnings)/losses related to certain 50% or less owned affiliates | 34 | (2 | ) | |||||
Distributions from equity investments | 1 | 3 | ||||||
Dividends on preferred stock | (4 | ) | (4 | ) | ||||
Adjusted earnings | $ | 100 | $ | 446 | ||||
Fixed charges: | ||||||||
Interest on indebtedness and amortization of deferred financing costs | $ | 169 | $ | 171 | ||||
Capitalized interest | 5 | 6 | ||||||
Dividends on preferred stock | 4 | 4 | ||||||
Portion of rents representative of the interest factor | 24 | 24 | ||||||
Total fixed charges and preferred stock dividends | $ | 202 | $ | 205 | ||||
Ratio of earning to fixed charges and preferred stock dividends | — | 2.2 | ||||||
Deficiency of earnings to fixed charges and preferred stock dividends | $ | (102 | ) | $ | — |