1
Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
Fiscal Year
----------------------------------------------------------
1995 1994 1993 1992 1991
---- ---- ---- ---- ----
Income from consolidated companies
before provision for income taxes
and cumulative effect of accounting
change $698,543 $334,497 $153,558 $58,925 $40,355
Fixed charges:
Interest expense 21,401 15,962 14,206 15,207 13,969
Interest component of rent expense (1) 13,103 11,070 9,021 7,197 5,968
-------- -------- -------- ------- -------
Total fixed charges 34,504 27,032 23,227 22,404 19,937
-------- -------- -------- ------- -------
Earnings from consolidated companies
before income taxes, cumulative effect
of accounting change and fixed charges $733,047 $361,529 $176,785 $81,329 $60,292
======== ======== ======== ======= =======
Ratio of earnings to fixed charges 21.25x 13.37x 7.61x 3.63x 3.02x
======== ======== ======== ======= =======
(1) For leases where the interest factor can be specifically identified, the
actual interest factor was used. For all other leases, the interest factor
is estimated at one-third of total rent expense for the applicable period,
which management believes represents a reasonable approximation of the
interest factor.
76