The Home Depot, Inc. (HD) 10-Q 2010 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 1, 2010
	2005		2006		2007		2008		2009
Earnings From Continuing Operations Before Income Taxes	$8,967		$8,502		$6,620		$3,590		$3,982		$3,017
Less: Capitalized Interest	(51	)	(47	)	(46	)	(20	)	(4	)	(2)
Add:
Portion of Rental Expense under operating leases deemed to be the equivalent of interest	177		257		279		286		277		140
Interest Expense	192		437		741		644		680		295
Adjusted Earnings	$9,285		$9,149		$7,594		$4,500		$4,935		$3,450
Fixed Charges:
Interest Expense	$   192		$   437		$   741		$   644		$   680		$   295
Portion of Rental Expense under operating leases deemed to be the equivalent of interest	177		257		279		286		277		140
Total Fixed Charges	$   369		$   694		$1,020		$   930		$   957		$   435
Ratio of Earnings to Fixed Charges(2)	25.2x		13.2x		7.4x		4.8x		5.2x		7.9x

⁽¹⁾ Fiscal years 2009, 2008, 2007, 2006 and 2005 refer to the fiscal years ended January 31, 2010, February 1, 2009, February 3, 2008, January 28, 2007 and January 29, 2006, respectively. Fiscal year 2007 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 from continuing operations before 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 from continuing operations before income taxes)+(fixed charges)-(capitalized interest)

(fixed charges)