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EXHIBIT 12.2
VF CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(DOLLARS IN THOUSANDS)
Year Ended
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January 1 January 2 January 4 December 29 December 30
1994 1993 1992 1990 1989
-------------- ---------------- --------------- ----------------- ----------------
Income from continuing operations
before provision for income
taxes per consolidated
statements of income $399,987 $375,773 $263,197 $143,084 $283,745
Add
Interest on indebtedness 72,671 71,068 68,587 75,843 46,185
Amortization of debt expense
and premium 493 589 583 526 143
Portion of rents representative
of the interest factor 15,600 10,100 8,200 6,800 6,500
------ ------ ----- ----- -----
Income as adjusted $488,751 $457,530 $340,567 $226,253 $336,573
======== ======== ======== ======== ========
Fixed charges
Interest on indebtedness $72,671 $71,068 $68,587 $75,843 $46,185
Amortization of debt expense
and premium 493 589 583 526 143
Capitalized Interest 1,022 1,439 466 145 2,087
Portion of rents representative
of the interest factor 15,600 10,100 8,200 6,800 6,500
------ ------ ----- ----- -----
Fixed charges 89,786 83,196 77,836 83,314 54,915
Preferred stock dividends 4,291 4,335 4,366 4,130 --
------ ------ ----- ----- -----
Fixed charges and preferred
stock dividends $94,077 $87,531 $82,202 $87,444 $54,915
======= ======= ======= ======= =======
Ratio of earnings to fixed
charges and preferred stock
dividends 5.2 5.2 4.1 2.6 6.1
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Note: For purposes of this ratio, earnings consist of income before
income taxes plus fixed charges. Fixed charges consist of
interest expense, capitalized interest and one-third of rental
expense, which approximates the interest factor of such rental
expense. Preferred stock dividends relate to the outstanding
Series B Preferred Stock held by the Employee Stock Ownership
Plan.