Computation of Ratio of Earnings to Fixed Charges
Fiscal Year Ended
40 Weeks Ended The Last Saturday in December
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October 1, October 2,
1994 1993 1989 1990 1991 1992 1993
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(In thousands of dollars)
Earnings:
Pretax income $139,480 $164,501 $104,329 $194,941 $ 72,078 $ 87,066 $146,985
Fixed charges, net 120,769 117,877 117,865 105,726 102,303 97,111 77,667
Total earnings $260,249 $282,378 $222,194 $300,667 $174,381 $184,177 $224,652
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Fixed charges:
Interest expense $ 96,425 $ 93,643 $ 93,353 $ 81,102 $ 78,029 $75,692 $59,081
Portion of rental
charges deemed to
be interest 22,945 22,836 22,907 23,027 22,969 21,169 17,646
Capitalized interest
and debt issuance
cost amortization 2,163 1,250 1,464 1,287 1,005 254 705
Total fixed charges $121,533 $117,729 $117,724 $105,416 $102,003 $97,115 $77,432
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Ratio of earnings
to fixed charges 2.14 2.40 1.89 2.85 1.71 1.90 2.90
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"Earnings" consists of income before income taxes and fixed
charges excluding capitalized interest. Capitalized interest
amortized during the respective periods is added back to
earnings.
"Fixed charges, net" consists of interest expense, an estimated
amount of rental expense which is deemed to be representative of
the interest factor and amortization of capitalized interest and
debt issuance cost.
The pro forma ratio of earnings to fixed charges is omitted as it
is not applicable.