The Home Depot, Inc. (HD) 10-Q 2015 Q2 Quarterly report

Exhibit 12.1

THE HOME DEPOT, INC. AND SUBSIDIARIES

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(amounts in millions, except ratio data)

				Fiscal Year(1)
	Six Months Ended
	August 2, 2015			2014			2013			2012			2011			2010
Earnings Before Provision for Income Taxes	$	5,967		$	9,976		$	8,467		$	7,221		$	6,068		$	5,273
Less: Capitalized Interest	—			(2		)	(2		)	(3		)	(3		)	(3		)
Add:
Portion of Rental Expense under operating leases deemed to be the equivalent of interest	155			312			308			298			280			278
Interest Expense	430			832			713			635			609			533
Adjusted Earnings	$	6,552		$	11,118		$	9,486		$	8,151		$	6,954		$	6,081
Fixed Charges:
Interest Expense	$	430		$	832		$	713		$	635		$	609		$	533
Portion of Rental Expense under operating leases deemed to be the equivalent of interest	155			312			308			298			280			278
Total Fixed Charges	$	585		$	1,144		$	1,021		$	933		$	889		$	811
Ratio of Earnings to Fixed Charges(2)	11.2		x	9.7		x	9.3		x	8.7		x	7.8		x	7.5		x

(1) Fiscal years 2014, 2013, 2012, 2011 and 2010 refer to the fiscal years ended February 1, 2015, February 2, 2014, February 3, 2013, January 29, 2012 and January 30, 2011, respectively. Fiscal year 2012 includes 53 weeks; all other fiscal years reported include 52 weeks.

(2) For purposes of computing the ratios of earnings to fixed charges, “earnings” consist of earnings before provision for income taxes plus fixed charges, excluding capitalized interest. “Fixed charges” consist of interest incurred on indebtedness including capitalized interest, amortization of debt expenses and the portion of rental expense under operating leases deemed to be the equivalent of interest. The ratios of earnings to fixed charges are calculated as follows:

(earnings before provision for income taxes)+(fixed charges)-(capitalized interest)

(fixed charges)