Walmart (WMT) 10-K 2010 FY Annual report

EXHIBIT 12

RATIO OF EARNINGS TO FIXED CHARGES

(amounts in millions, except ratios)

	Fiscal Year
	2010			2009			2008			2007			2006
Income from continuing operations before income taxes	$	22,066		$	20,898		$	20,158		$	18,968		$	17,513
Capitalized interest		(85	)		(88	)		(150	)		(182	)		(157	)
Noncontrolling interest		(513	)		(499	)		(406	)		(425	)		(324	)
Adjusted income before income taxes		21,468			20,311			19,602			18,361			17,032
Fixed Charges:
Interest *		2,160			2,267			2,267			2,009			1,603
Interest component of rent		597			406			464			368			328
Total fixed charges		2,757			2,673			2,731			2,377			1,931
Income from continuing operations before income taxes and fixed charges	$	24,225		$	22,984		$	22,333		$	20,738		$	18,963
Ratio of earnings to fixed charges		8.8			8.6			8.2			8.7			9.8

* Includes interest on debt, capital leases, uncertain tax positions, amortization of debt issuance costs and capitalized interest.