EXHIBIT 12.2 VF CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (DOLLARS IN THOUSANDS)
Year Ended -------------------------------------------------------------------------------------- January 1 January 2 January 4 December 29 December 30 1994 1993 1992 1990 1989 -------------- ---------------- --------------- ----------------- ---------------- Income from continuing operations before provision for income taxes per consolidated statements of income $399,987 $375,773 $263,197 $143,084 $283,745 Add Interest on indebtedness 72,671 71,068 68,587 75,843 46,185 Amortization of debt expense and premium 493 589 583 526 143 Portion of rents representative of the interest factor 15,600 10,100 8,200 6,800 6,500 ------ ------ ----- ----- ----- Income as adjusted $488,751 $457,530 $340,567 $226,253 $336,573 ======== ======== ======== ======== ======== Fixed charges Interest on indebtedness $72,671 $71,068 $68,587 $75,843 $46,185 Amortization of debt expense and premium 493 589 583 526 143 Capitalized Interest 1,022 1,439 466 145 2,087 Portion of rents representative of the interest factor 15,600 10,100 8,200 6,800 6,500 ------ ------ ----- ----- ----- Fixed charges 89,786 83,196 77,836 83,314 54,915 Preferred stock dividends 4,291 4,335 4,366 4,130 -- ------ ------ ----- ----- ----- Fixed charges and preferred stock dividends $94,077 $87,531 $82,202 $87,444 $54,915 ======= ======= ======= ======= ======= Ratio of earnings to fixed charges and preferred stock dividends 5.2 5.2 4.1 2.6 6.1 === === === === ===
Note: For purposes of this ratio, fixed charges consist of interest expense, capitalized interest and one-third of rental expense, which approximates the interest factor of such rental expense. Preferred stock dividends relate to the outstanding Series B Preferred Stock held by the Employee Stock Ownership Plan.