EXHIBIT 12 — COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year ended December 31, | ||||||||||||||||||||||||
(In thousands, except ratio) | Post-merger | Pre-merger | Pre-merger | Pre-merger | Pre-merger | Pre-merger | ||||||||||||||||||
2008(1) | 2008(2) | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Income (loss) from continuing operations before income taxes, equity in earnings of non-consolidated affiliates and cumulative effect of a change in accounting principle | $ | (5,742,580 | ) | $ | 474,657 | $ | 1,198,646 | $ | 1,071,437 | $ | 961,860 | $ | 1,200,551 | |||||||||||
Dividends and other received from nonconsolidated affiliates | 13,143 | 29,935 | 6,793 | 15,179 | 14,696 | 13,491 | ||||||||||||||||||
Total | (5,729,437 | ) | 504,592 | 1,205,439 | 1,086,616 | 976,556 | 1,214,042 | |||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expense(3) | 715,768 | 213,210 | 451,870 | 484,063 | 443,442 | 367,511 | ||||||||||||||||||
Interest portion of rentals | 184,301 | 264,387 | 418,587 | 374,875 | 342,462 | 321,342 | ||||||||||||||||||
Total fixed charges | 900,069 | 477,597 | 870,457 | 858,938 | 785,904 | 688,853 | ||||||||||||||||||
Preferred stock dividends | ||||||||||||||||||||||||
Tax effect of preferred dividends | — | — | — | — | — | — | ||||||||||||||||||
After tax preferred dividends | — | — | — | — | — | — | ||||||||||||||||||
Total fixed charges and preferred dividends | 900,069 | 477,597 | 870,457 | 858,938 | 785,904 | 688,853 | ||||||||||||||||||
Total earnings available for payment of fixed charges | $ | (4,829,368 | ) | $ | 982,189 | $ | 2,075,896 | $ | 1,945,554 | $ | 1,762,460 | $ | 1,902,895 | |||||||||||
Ratio of earnings to fixed charges(4) | N/A | 2.06 | 2.38 | 2.27 | 2.24 | 2.76 | ||||||||||||||||||
Rental fees and charges | 526,575 | 755,391 | 1,195,962 | 1,071,072 | 978,463 | 918,120 | ||||||||||||||||||
Interest portion | 35 | % | 35 | % | 35 | % | 35 | % | 35 | % | 35 | % |
(1) | For the period from July 31 through December 31, 2008. | |
(2) | For the period from January 1 through July 30, 2008. | |
(3) | The interest amount does not include interest expense associated with unrecognized tax benefits. | |
(4) | Earnings, as adjusted, were not sufficient to cover fixed charges by approximately $5.7 billion for the post merger period from July 31 through December 31, 2008. |