The Gap, Inc. (GAP) 10-K 2012 FY Annual report

Exhibit 12

Ratio of Earnings to Fixed Charges

	53 Weeks Ended		52 Weeks Ended		52 Weeks Ended			52 Weeks Ended		52 Weeks Ended
($ in millions except ratios)	February 2,  2013		January 28, 2012		January 29, 2011			January 30, 2010		January 31, 2009
Earnings before income taxes and interest expense	$	1,948	$	1,443	$	1,974		$	1,822	$	1,585
Less: capitalized interest, net	(6)		(4)		—			—		(8)
Total fixed charges	675		644		534			537		536
Earnings for calculation	$	2,617	$	2,083	$	2,508		$	2,359	$	2,113
Fixed charges:
Gross interest incurred	$	87	$	74	$	(8	)	$	6	$	1
Interest portion of rent expense (1)	588		570		542			531		535
Total fixed charges	$	675	$	644	$	534		$	537	$	536
Ratio of earnings to fixed charges	3.9		3.2		4.7			4.4		3.9

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(1) The interest portion of rent expense is calculated as 48 percent of rent expense.