STATEMENT RE COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Published on April 3, 2009
EXHIBIT 12.1
| Year Ended December 31, | |||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||
| Earnings |
|||||||||||||||
| Income before income taxes and cumulative effect of accounting changes |
$ | 278 | $ | 1,057 | $ | 790 | $ | 779 | $ | 339 | |||||
| Add: Fixed charges |
$ | 299 | $ | 273 | $ | 275 | $ | 270 | $ | 220 | |||||
| Less: Interest capitalized |
$ | 25 | $ | 50 | $ | 51 | $ | 39 | $ | 39 | |||||
| Total |
$ | 552 | $ | 1,280 | $ | 1,014 | $ | 1,010 | $ | 520 | |||||
| Fixed charges |
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| Interest expense (net) |
$ | 105 | $ | 69 | $ | 77 | $ | 82 | $ | 49 | |||||
| Add: Interest capitalized |
$ | 25 | $ | 50 | $ | 51 | $ | 39 | $ | 39 | |||||
| Gross interest expense |
$ | 130 | $ | 119 | $ | 128 | $ | 121 | $ | 88 | |||||
| Add: Interest factor of operating lease expense |
$ | 169 | $ | 154 | $ | 147 | $ | 149 | $ | 132 | |||||
| Total |
$ | 299 | $ | 273 | $ | 275 | $ | 270 | $ | 220 | |||||
| Ratio of earning to fixed charges |
1.85 | 4.69 | 3.68 | 3.74 | 2.36 | ||||||||||