Target (TGT) 10-Q 2012 Q1 Quarterly report

Exhibit (12)

TARGET CORPORATION

Computations of Ratios of Earnings to Fixed Charges for the

Three Months Ended April 28, 2012 and April 30, 2011

and for the Most Recent Five Fiscal Years

Ratio of Earnings to Fixed Charges	Three Months Ended					Fiscal Year Ended
	Apr. 28,			Apr. 30,		Jan. 28,		Jan. 29,		Jan. 30,			Jan. 31,			Feb. 2,
(millions)	2012			2011		2012		2011		2010			2009			2008
Earnings from continuing operations before income taxes	$	1,101		$	1,081	$	4,456	$	4,495	$	3,872		$	3,536		$	4,625
Capitalized interest, net	(2		)	2		5		2		(9		)	(48		)	(66		)
Adjusted earnings from continuing operations before income taxes	1,099			1,083		4,461		4,497		3,863			3,488			4,559
Fixed charges:
Interest expense(a)	190			186		797		776		830			956			747
Interest portion of rental expense	28			30		111		110		105			103			94
Total fixed charges	218			216		908		886		935			1,059			841
Earnings from continuing operations before income taxes and fixed charges	$	1,317		$	1,299	$	5,369	$	5,383	$	4,798		$	4,547		$	5,400
Ratio of earnings to fixed charges	6.04			6.01		5.91		6.08		5.13			4.29			6.42

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

27