EXHIBIT 12.2 VF CORPORATION COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (000)
YEAR ENDED ------------------------------------------------------------------------------- DECEMBER 31 JANUARY 1 JANUARY 2 JANUARY 4 DECEMBER 28 1994 1994 1993 1992 1990 ----------- ----------- ----------- ----------- ----------- Earnings Income from continuing operations before provision for income taxes per consolidated income statements $455,661 $399,987 $375,773 $263,197 $143,084 Interest on Indebtedness 79,646 72,178 70,479 68,004 75,843 Amortization of debt expenses and discount 634 493 589 583 526 Portion of rent expense representative of the interest factor 18,500 15,600 10,100 8,200 6,800 ----------- ----------- ----------- ----------- ----------- Income as adjusted $554,441 $488,258 $456,941 $339,984 $226,253 =========== =========== =========== =========== =========== Fixed charges Interest on indebtedness $79,646 $72,178 $70,479 $68,004 $75,843 Amortization of debt expense and discount 634 493 589 583 526 Capitalized interest 142 1,022 1,439 466 145 Portion of rent expense representative of the interest factor 18,500 15,600 10,100 8,200 6,800 ----------- ----------- ----------- ----------- ----------- Fixed charges 98,922 89,293 82,607 77,253 83,314 Preferred stock dividends 4,229 4,291 4,335 4,366 4,130 ----------- ----------- ----------- ----------- ----------- Fixed charges and preferred stock dividends $103,151 $93,584 $86,942 $81,619 $87,444 =========== =========== =========== =========== =========== Ratio of earnings to combined fixed charges and preferred stock dividends 5.4 5.2 5.3 4.2 2.6 =========== =========== =========== =========== ===========
Note: For purposes of this ratio, earnings consist income before income taxes plus fixed charges, excluding interest capitalized during the period. 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.