S-4: Registration of securities issued in business combination transactions
Published on August 10, 2010
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(In millions except ratios)
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Six Months Ended
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Year Ended December 31,
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June 30,
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2005
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2006
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2007
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2008
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2009
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2009
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2010
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Net Income (Loss) from Continuing Operations
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$ | 37,289 | $ | 55,905 | $ | 67,598 | $ | 77,691 | $ | 82,111 | $ | 44,734 | $ | 36,460 | ||||||||||||||
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Interest Expense
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34,771 | 47,611 | 44,092 | 39,746 | 39,075 | 19,011 | 33,644 | |||||||||||||||||||||
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Net Income (Loss)before Fixed Charges
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$ | 72,060 | $ | 103,516 | $ | 111,690 | $ | 117,437 | $ | 121,186 | $ | 63,745 | $ | 70,104 | ||||||||||||||
| Capitalized Interest | — | — | 110 | 160 | 141 | 79 | 6 | |||||||||||||||||||||
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Interest
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$ | 34,771 | $ | 47,611 | $ | 44,092 | $ | 39,746 | $ | 39,075 | $ | 19,011 | $ | 33,644 | ||||||||||||||
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Total Fixed Charges
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$ | 34,771 | $ | 47,611 | $ | 44,202 | $ | 39,906 | $ | 39,216 | $ | 19,090 | $ | 33,650 | ||||||||||||||
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Earnings / Fixed Charge coverage ratio
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2.1x | 2.2x | 2.5x | 2.9x | 3.1x | 3.3x | 2.1x | |||||||||||||||||||||
“Earnings” consist of income from continuing operations plus fixed charges. Fixed charges consist of interest expense.