Walgreen (WAG) 10-Q 2011 Q3 Quarterly report

Exhibit 12

WALGREEN CO. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Nine Months Ended						Fiscal Year Ended
	5/31/2011			5/31/2010			8/31/2010
Income before income taxes and minority interest		3,043		$	2,643		$	3,373
Add:
Minority interest		-			-			-
Fixed charges		873			808			1,100
Less: Capitalized interest		(8	)		(9	)		(12	)
Earnings as defined		3,908		$	3,442		$	4,461
Interest expense, net of capitalized interest		56		$	67		$	90
Capitalized interest		8			9			12
Portions of rentals representative of the interest factor		809			732			998
Fixed charges as defined		873		$	808		$	1,100
Ratio of earnings to fixed charges		4.48			4.26			4.06