OfficeMax 2007 Annual Report Download - page 116

Download and view the complete annual report

Please find page 116 of the 2007 OfficeMax annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 124

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124

Exhibit 12.2
OFFICEMAX INCORPORATED AND SUBSIDIARIES
Ratio of Earnings to Combined Fixed Charges
and Preferred Dividend Requirements
Fiscal Year Ended
December 29, December 30, December 31, December 31, December 31,
2007 2006 2005 2004 2003
(thousands, except ratios)
Interest costs ........... $121,271 $ 123,082 $ 141,455 $ 155,689 $ 134,930
Interest capitalized during
the period ............ — — — 28 391
Interest factor related to
noncapitalized leases(a) . . 112,552 113,257 120,989 130,229 15,974
Total fixed charges ....... 233,823 236,339 262,444 285,946 151,295
Preferred stock dividend
requirements—pre-tax . . . 3,961 4,037 4,378 12,211 13,864
Combined fixed charges
and preferred dividend
requirements .......... $237,784 $240,376 $266,822 $298,157 $165,159
Income (loss) from
continuing operations
before income taxes,
minority interest, and
cumulative effect of
accounting changes .... $337,527 $ 171,878 $ (37,616) $ 379,442 $ 49,240
Undistributed (earnings)
losses of less than 50%
owned entities, net of
distributions received .... (6,065) (5,873) (5,104) (6,211) (8,695)
Total fixed charges ....... 233,823 236,339 262,444 285,946 151,295
Less interest capitalized . . . — — — (28) (391)
Total earnings before fixed
charges ............. $565,285 $402,344 $219,724 $659,149 $191,449
Ratio of earnings to
combined fixed charges
and preferred dividend
requirements .......... 2.38 1.67 — 2.21 1.16
Excess of combined fixed
charges and preferred
dividend requirements
over total earnings before
fixed charges ......... $ — $ — $ 47,098 $ — $ —
(a) Interest expense for operating leases with terms of one year or longer is based on an imputed
interest rate for each lease.