Lowe's Companies (LOW) 10-Q 2008 Q3 Quarterly report

Exhibit 12.1

Lowe’s Companies, Inc.

Statement Re Computation of Ratio of Earnings to Fixed Charges

In Millions, Except Ratio Data

	Fiscal Years Ended On															Nine Months Ended
	January 31,			January 30,			January 28,			February 3,			February 2,			November 3,			November 2,
	2003			2004			2005			2006			2007			2006			2007
Earnings:
Earnings Before Income Taxes	$	2,362		$	2,908		$	3,520		$	4,496		$	4,998		$	4,046		$	3,858
Add: Fixed Charges		303			303			310			340			344			248			303
Less: Capitalized Interest		(25	)		(26	)		(28	)		(28	)		(32	)		(23	)		(30	)
Adjusted Earnings	$	2,640		$	3,185		$	3,802		$	4,808		$	5,310		$	4,271		$	4,131
Fixed Charges:
Interest Expense (1)	$	228		$	224		$	220		$	231		$	238		$	169		$	212
Rental Expense (2)		75			79			90			109			106			79			91
Total Fixed Charges	$	303		$	303		$	310		$	340		$	344		$	248		$	303
Ratio of Earnings to Fixed Charges		8.7			10.5			12.3			14.1			15.4			17.2			13.6

⁽¹⁾ Interest accrued on uncertain tax positions as a result of the implementation of FIN 48 is excluded from Interest Expense in the computation of Fixed Charges.

⁽²⁾ The portion of rental expense that is representative of the interest factor in these rentals.