Exhibit 12
Staples, Inc.
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
|
| Nine Months Ended |
| Fiscal Year Ended |
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|
| November 1, |
| February 2, |
| February 3, |
| January 28, |
| January 29, |
| January 31, |
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|
| 2008 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
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Earnings: |
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Income before income taxes and minority interests |
| $ | 888,665 |
| $ | 1,554,482 |
| $ | 1,471,328 |
| $ | 1,235,299 |
| $ | 1,046,575 |
| $ | 714,619 |
|
Interest portion of rental expense |
| 167,046 |
| 193,850 |
| 183,854 |
| 169,825 |
| 157,187 |
| 143,992 |
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Interest expense, net of capitalized interest |
| 88,348 |
| 38,335 |
| 47,810 |
| 56,774 |
| 39,888 |
| 31,575 |
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Capitalized interest |
| — |
| — |
| 188 |
| — |
| — |
| 63 |
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Pre tax earnings (losses) from equity method investees |
| (879 | ) | (192 | ) | — |
| 7 |
| 95 |
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Less: capitalized interest |
| — |
| — |
| (188 | ) | — |
| — |
| (63 | ) | ||||||
Less: minority interests |
| (5,859 | ) | 802 |
| 321 |
| (298 | ) | — |
| — |
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Earnings |
| $ | 1,137,321 |
| $ | 1,787,277 |
| $ | 1,703,313 |
| $ | 1,461,607 |
| $ | 1,243,745 |
| $ | 890,186 |
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Fixed charges: |
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Interest portion of rental expense |
| $ | 167,046 |
| $ | 193,850 |
| $ | 183,854 |
| $ | 169,825 |
| $ | 157,187 |
| $ | 143,992 |
|
Interest expense, net of capitalized interest |
| 88,348 |
| 38,335 |
| 47,810 |
| 56,774 |
| 39,888 |
| 31,575 |
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Capitalized interest |
| — |
| — |
| 188 |
| — |
| — |
| 63 |
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Fixed charges |
| $ | 255,394 |
| $ | 232,185 |
| $ | 231,852 |
| $ | 226,599 |
| $ | 197,075 |
| $ | 175,630 |
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Ratio of earnings to fixed charges |
| 4.45 |
| 7.70 |
| 7.35 |
| 6.45 |
| 6.31 |
| 5.07 |
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