OfficeMax 2005 Annual Report Download - page 126
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Exhibit 12.2
OFFICEMAX INCORPORATED AND SUBSIDIARIES
Ratio of Earnings to Combined Fixed Charges
and Preferred Dividend Requirements
Year Ended December 31
2005 2004 2003 2002 2001
(thousands, except ratios)
Interest costs ................... $141,455 $ 155,689 $ 134,930 $ 133,762 $ 129,917
Interest capitalized during the period . . . — 28 391 3,937 1,945
Interest factor related to noncapitalized
leases(a) ..................... 120,989 130,229 15,974 11,128 11,729
Total fixed charges ................ 262,444 285,946 151,295 148,827 143,591
Preferred stock dividend requirements—
pretax ....................... 4,378 12,211 13,864 14,548 15,180
Combined fixed charges and preferred
dividend requirements ........... $266,822 $298,157 $165,159 $163,375 $158,771
Income (loss) from continuing
operations before income taxes,
minority interest, and cumulative
effect of accounting changes ....... $(37,616) $ 379,442 $ 49,240 $ 1,352 $ (42,113)
Undistributed (earnings) losses of less
than 50% owned entities, net of
distributions received ............ (5,104) (6,211) (8,695) 2,435 8,039
Total fixed charges ................ 262,444 285,946 151,295 148,827 143,591
Less interest capitalized ............ — (28) (391) (3,937) (1,945)
Total earnings before fixed charges .... $219,724 $659,149 $191,449 $148,677 $107,572
Ratio of earnings to combined fixed
charges and preferred dividend
requirements .................. — 2.21 1.16 — —
Excess of combined fixed charges and
preferred dividend requirements over
total earnings before fixed charges . . $ 47,098 $ — $ — $ 14,698 $ 51,199
(a) Interest expense for operating leases with terms of one year or longer is based on an imputed
interest rate for each lease.