EX-12.1 2 sndkexhibit121q311.htm EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES SNDK Exhibit 12.1 Q3'11


EXHIBIT 12.1

Computation of Ratio of Earnings to Fixed Charges

 
Nine
months ended
 
Fiscal Years Ended
 
October 2,
 2011
 
January 2,
 2011
 
January 3,
 2010
 
December 28,
 2008
 
December 30,
 2007
 
December 31,
 2006
 
(In thousands, except ratios)
Computation of earnings:
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before provision for income taxes
$
1,058,220

 
$
1,457,433

 
$
503,801

 
$
(1,952,374
)
 
$
352,658

 
$
403,355

Fixed charges excluding capitalized interest
99,064

 
101,434

 
81,630

 
67,821

 
65,081

 
39,287

Distributed earnings from 50%-or-less-owned affiliates
(1,854
)
 
(147
)
 
(392
)
 
(3,604
)
 
(5,840
)
 
(2,498
)
Adjusted earnings
$
1,155,430

 
$
1,558,720

 
$
585,039

 
$
(1,888,157
)
 
$
411,899

 
$
440,144

Computation of fixed charges:
 

 
 

 
 

 
 

 
 

 
 

Interest expense
$
93,511

 
$
90,377

 
$
70,205

 
$
65,207

 
$
62,097

 
$
36,859

Interest relating to lease guarantee of 50%-or-less-owned affiliates
3,715

 
8,746

 
8,898

 
─

 
615

 
─

Interest portion of operating lease expense
1,838

 
2,311

 
2,527

 
2,614

 
2,369

 
2,428

Fixed charges
$
99,064

 
$
101,434

 
$
81,630

 
$
67,821

 
$
65,081

 
$
39,287

Ratio of earnings to fixed charges (1)
11.7x

 
15.4x

 
7.2x

 
─

 
6.3x

 
11.2x

_________________________

(1) 
Computed by dividing (i) income (loss) before provision for income taxes adjusted for fixed charges by (ii) fixed charges which include interest expense plus amortization of debt issuance costs, the portion of rent expense under operating leases deemed to be representative of the interest factor and interest relating to lease guarantees of 50%-or-less-owned affiliates.  In fiscal year 2008, earnings were insufficient to cover fixed charges by $1.96 billion.