Target (TGT) 10-Q 2015 Q2 Quarterly report

Exhibit (12)

TARGET CORPORATION

Computations of Ratios of Earnings to Fixed Charges for the

Six Months EndedAugust 1, 2015 and August 2, 2014

and for the Most Recent Five Fiscal Years

Ratio of Earnings to Fixed Charges	Six Months Ended					Fiscal Year Ended
(dollars in millions)	Aug 1, 2015		Aug 2, 2014			Jan 31, 2015			Feb 1, 2014			Feb 2, 2013			Jan 28, 2012		Jan 29, 2011
Earnings from continuing operations before income taxes	$	2,180	$	1,460		$	3,653		$	4,121		$	5,056		$	4,621	$	4,495
Capitalized interest, net	7		(6		)	(1		)	(14		)	(12		)	6		2
Adjusted earnings from continuing operations before income taxes	2,187		1,454			3,652			4,107			5,044			4,627		4,497
Fixed charges:
Interest expense (a)	309		315			619			641			721			750		776
Interest portion of rental expense	54		55			108			108			106			110		110
Total fixed charges	363		370			727			749			827			860		886
Earnings from continuing operations before income taxes and fixed charges	$	2,550	$	1,824		$	4,379		$	4,856		$	5,871		$	5,487	$	5,383
Ratio of earnings to fixed charges	7.02		4.93			6.02			6.48			7.10			6.38		6.08

^(a) Includes interest on debt and capital leases (including capitalized interest) and amortization of debt issuance costs. Excludes interest income, the loss on early retirement of debt and interest associated with uncertain tax positions, which is recorded within income tax expense.