Exhibit 12
Statement Re: Computation of Ratio of Earnings to Fixed Charges
Fiscal Year Ended | Nine Fiscal Months Ended | ||||||||||||||||||||||
April 25, 1999 | April 30, 2000 | April 29, 2001 | April 28, 2002 | April 27, 2003 | January 26, 2003 | January 25, 2004 | |||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
Consolidated pretax income from continuing operations | $ | 23.9 | $ | 57.5 | $ | 45.6 | $ | 8.1 | $ | 72.3 | $ | 43.3 | $ | 47.6 | |||||||||
Less equity (loss) of unconsolidated joint venture | (1.3 | ) | 0.3 | (0.2 | ) | — | — | — | — | ||||||||||||||
Interest expense | 55.8 | 62.8 | 102.7 | 90.5 | 82.8 | 62.3 | 63.9 | ||||||||||||||||
Less capitalized interest | 7.2 | 2.4 | 3.8 | 1.3 | 0.2 | 0.1 | 1.2 | ||||||||||||||||
Interest portion of rental expense | 2.8 | 5.7 | 9.8 | 9.6 | 8.7 | 9.1 | 7.0 | ||||||||||||||||
Earnings | $ | 76.6 | $ | 123.3 | $ | 154.5 | $ | 106.9 | $ | 163.6 | $ | 114.6 | $ | 117.3 | |||||||||
Interest expense | $ | 55.8 | $ | 62.8 | $ | 102.7 | $ | 90.5 | $ | 82.8 | $ | 62.3 | $ | 63.9 | |||||||||
Interest portion of rental expense | 2.8 | 5.7 | 9.8 | 9.6 | 8.7 | 9.1 | 7.0 | ||||||||||||||||
Fixed charges | $ | 58.6 | $ | 68.5 | $ | 112.5 | $ | 100.1 | $ | 91.5 | $ | 71.4 | $ | 70.9 | |||||||||
Ratio of earnings to fixed charges (1) | 1.3x | 1.8x | 1.4x | 1.1x | 1.8x | 1.6x | 1.7x | ||||||||||||||||
(1) | For purposes of determining the ratio of earnings to fixed charges, earnings consist of earnings before provision for income taxes plus fixed charges, excluding capitalized interest. Fixed charges consist of interest on indebtedness, including capitalized interest, plus that portion of rental expense that is considered to be interest. This ratio does not include earnings or fixed charges of unconsolidated joint ventures. |