Exhibit 12.1
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES (1)
Nine Months Ended Fiscal Year (2)
---------------------------- --------------------------------------------------------------------
September 29, September 30,
2002 2001 2001 2000 1999 1998 1997
------------- ------------- ------------ ------------ ------------ ------------ ------------
(dollars in millions)
Income before income taxes $ 39.987 $ 13.705 $ 11.696 $ 9.835 $ 4.986 $ 23.246 $ 24.270
Minority Interest 6.195 -- -- -- -- -- --
Fixed Charges
Interest Expense 35.471 34.245 44.322 53.346 50.581 39.947 37.479
Expenses related to
indebtedness (3) 0.526 0.625 0.830 0.938 0.836 -- --
Estimated interest
portion of 1.476 2.940 4.129 5.228 4.562 8.703 5.120
rental expense
Piedmont fixed charges -- 5.228 6.668 7.432 6.911 6.837 7.219
------------- ------------- ------------ ------------ ------------ ------------ ------------
Total fixed charges 37.473 43.037 55.949 66.944 62.890 55.487 49.818
Earnings, as defined 83.655 56.742 67.645 76.779 67.876 78.733 74.088
Ratio of earnings to fixed 2.23 1.32 1.21 1.15 1.08 1.42 1.49
charges
(1) For purposes of computing this ratio, (a) "earnings" consists of income
from continuing operations before income taxes and minority interest plus
fixed charges and (b) "fixed charges" consists of interest expensed; the
amortized premiums, discounts and capitalized expenses related to
indebtedness; and the estimated interest portion of our rental expense.
(2) Our fiscal year ends on the Sunday nearest December 31. All years presented
are 52-week years, except for 1998, which was a 53-week year.
(3) Consists of the amortized premiums, discounts and capitalized expenses
related to indebtedness.