Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
Year-ended December 31, | Nine Months Ended October 1, 2011 | Nine Months Ended October 2, 2010 | ||||||||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||||||||||
(In thousands, except ratios) | ||||||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||
Earnings/(loss) before income taxes and noncontrolling interests | $ | 2,911,556 | $ | 2,546,816 | $ | 3,104,391 | $ | (413,978 | ) | $ | 267,115 | $ | 1,027,757 | $ | 277,615 | |||||||||||||
Plus/(Less): losses/(earnings) from equity investments | 17,690 | 24,618 | 36,920 | 82,341 | 32,082 | 14,190 | 31,481 | |||||||||||||||||||||
Plus: fixed charges (includes interest expense and amortization of bond issuance costs and settled swaps and estimated interest on rent expense) | 40,351 | 55,381 | 146,360 | 168,317 | 163,626 | 139,541 | 119,395 | |||||||||||||||||||||
Plus: amortization of capitalized interest | 216 | 216 | 300 | 962 | 2,332 | 1,917 | 1,674 | |||||||||||||||||||||
Plus: distributed income of equity investees | 3,172 | 8,072 | 20,117 | 7,373 | 4,923 | 3,883 | 4,923 | |||||||||||||||||||||
Less: interest capitalized | — | (3,700 | ) | (10,020 | ) | (16,390 | ) | (940 | ) | (2,349 | ) | (400 | ) | |||||||||||||||
Less: pre-tax earnings in noncontrolling interests in subsidiaries that have not incurred fixed charges | (219,121 | ) | (293,604 | ) | (314,277 | ) | (57,865 | ) | (73,110 | ) | (62,093 | ) | (52,620 | ) | ||||||||||||||
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Total earnings/(loss) before fixed charges | $ | 2,753,864 | $ | 2,337,799 | $ | 2,983,791 | $ | (229,240 | ) | $ | 396,028 | $ | 1,122,846 | $ | 382,068 | |||||||||||||
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Fixed charges | ||||||||||||||||||||||||||||
Interest cost and amortization of bond issuance and settled swaps | $ | 40,351 | $ | 55,052 | $ | 144,845 | $ | 166,313 | $ | 162,213 | $ | 138,625 | $ | 118,123 | ||||||||||||||
Estimated interest on rent expense | — | 329 | 1,515 | 2,004 | 1,413 | 916 | 1,272 | |||||||||||||||||||||
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Total fixed charges | $ | 40,351 | $ | 55,381 | $ | 146,360 | $ | 168,317 | $ | 163,626 | $ | 139,541 | $ | 119,395 | ||||||||||||||
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Ratio of earnings to fixed charges | 68.25 | 42.21 | 20.39 | * | 2.42 | 8.05 | 3.20 |
* | Earnings for the year ended December 31, 2009 were inadequate to cover fixed charges. The coverage deficiency was $397,557. |