Exhibit 12
EXHIBIT 12 — COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended | ||||||||||||||||||||||||||||
June 30, | Year Ended | |||||||||||||||||||||||||||
(In thousands, except ratio) | 2008 | 2007 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
Income from continuing operations before income taxes, equity in earnings of non-consolidated affiliates and cumulative effect of a change in accounting principle | $ | 538,369 | $ | 524,579 | $ | 1,198,646 | $ | 1,071,437 | $ | 961,860 | $ | 1,200,551 | $ | 1,725,685 | ||||||||||||||
Dividends and other received from nonconsolidated affiliates | 16,381 | 7,706 | 6,793 | 15,179 | 14,696 | 13,491 | 2,096 | |||||||||||||||||||||
Total | 554,750 | 532,285 | 1,205,439 | 1,086,616 | 976,556 | 1,214,042 | 1,727,781 | |||||||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||||||
Interest expense* | 182,178 | 234,499 | 451,870 | 484,063 | 443,442 | 367,511 | 392,215 | |||||||||||||||||||||
Interest portion of rentals | 227,006 | 194,030 | 418,587 | 374,875 | 342,462 | 321,342 | 282,575 | |||||||||||||||||||||
Total fixed charges | 409,184 | 428,529 | 870,457 | 858,938 | 785,904 | 688,853 | 674,790 | |||||||||||||||||||||
Preferred stock dividends | ||||||||||||||||||||||||||||
Tax effect of preferred dividends | — | — | — | — | — | — | — | |||||||||||||||||||||
After tax preferred dividends | — | — | — | — | — | — | — | |||||||||||||||||||||
Total fixed charges and preferred dividends | 409,184 | 428,529 | 870,457 | 858,938 | 785,904 | 688,853 | 674,790 | |||||||||||||||||||||
Total earnings available for payment of fixed charges | $ | 963,934 | $ | 960,814 | $ | 2,075,896 | $ | 1,945,554 | $ | 1,762,460 | $ | 1,902,895 | $ | 2,402,571 | ||||||||||||||
Ratio of earnings to fixed charges | 2.36 | 2.24 | 2.38 | 2.27 | 2.24 | 2.76 | 3.56 | |||||||||||||||||||||
Rental fees and charges | 648,589 | 554,370 | 1,195,962 | 1,071,072 | 978,463 | 918,120 | 807,356 | |||||||||||||||||||||
Interest portion | 35 | % | 35 | % | 35 | % | 35 | % | 35 | % | 35 | % | 35 | % |
* | The interest amount does not include interest expense associated with unrecognized tax benefits. |