Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
Year-ended December 31, | Three Months Ended | |||||||||||||||||||||||||||
2004 | 2005 | 2006 | 2007 | 2008 | Mar 29 2008 | Apr 4 2009 | ||||||||||||||||||||||
(In thousands, except ratios) | ||||||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||
Earnings/(loss) before income taxes and noncontrolling interests | $ | 1,806,731 | $ | 2,137,733 | $ | 2,911,556 | $ | 2,546,816 | $ | 3,104,391 | $ | 714,618 | $ | (281,746 | ) | |||||||||||||
Plus/(Less): losses/(earnings) from equity investments | (4,070 | ) | (476 | ) | 17,690 | 24,618 | 36,920 | 11,257 | 37,997 | |||||||||||||||||||
Plus: fixed charges (includes interest expense and amortization of bond issuance costs and settled swaps and estimated interest on rent expense) | 30,645 | 36,571 | 40,351 | 55,402 | 146,360 | 30,372 | 46,024 | |||||||||||||||||||||
Plus: amortization of capitalized interest | 108 | 216 | 216 | 216 | 300 | 54 | 138 | |||||||||||||||||||||
Plus: distributed income of equity investees | — | — | 3,172 | 8,072 | 20,117 | 4,003 | 4,361 | |||||||||||||||||||||
Less: interest capitalized | (1,310 | ) | — | — | (3,700 | ) | (10,020 | ) | (370 | ) | (5,840 | ) | ||||||||||||||||
Plus/(Less): losses/(earnings) in noncontrolling interests in subsidiaries that have not incurred fixed charges | (80,840 | ) | (110,650 | ) | (219,121 | ) | (293,604 | ) | (314,277 | ) | (91,780 | ) | 33 | |||||||||||||||
$ | 1,751,264 | $ | 2,063,394 | $ | 2,753,864 | $ | 2,337,820 | $ | 2,983,791 | $ | 668,154 | $ | (199,033 | ) | ||||||||||||||
Fixed charges | ||||||||||||||||||||||||||||
Interest expense and amortization of bond issuance and settled swaps | 30,645 | 36,571 | 40,351 | 55,052 | 144,845 | 30,154 | 45,523 | |||||||||||||||||||||
Estimated interest on rent expense | — | — | — | 350 | 1,515 | 218 | 501 | |||||||||||||||||||||
Total Fixed Charges | 30,645 | 36,571 | 40,351 | 55,402 | 146,360 | 30,372 | 46,024 | |||||||||||||||||||||
Ratio of earnings to fixed charges | 57.15 | 56.42 | 68.25 | 42.20 | 20.39 | 22.00 | (4.32 | ) |