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 | Three Months Ended | |||||||||||||||||||||||||||
January 30, | January 28, | February 3, | February 2, | February 1, | May 4, | May 2, | ||||||||||||||||||||||
2004 | 2005 | 2006 | 2007 | 2008 | 2007 | 2008 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Earnings Before Income Taxes | $ | 2,908 | $ | 3,520 | $ | 4,496 | $ | 4,998 | $ | 4,511 | $ | 1,192 | $ | 972 | ||||||||||||||
Add: Fixed Charges | 303 | 310 | 340 | 344 | 424 | 95 | 125 | |||||||||||||||||||||
Less: Capitalized Interest | (26 | ) | (28 | ) | (28 | ) | (32 | ) | (65 | ) | (4 | ) | (8 | ) | ||||||||||||||
Adjusted Earnings | $ | 3,185 | $ | 3,802 | $ | 4,808 | $ | 5,310 | $ | 4,870 | $ | 1,283 | $ | 1,089 | ||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest Expense (1) | $ | 224 | $ | 220 | $ | 231 | $ | 238 | $ | 301 | $ | 67 | $ | 92 | ||||||||||||||
Rental Expense (2) | 79 | 90 | 109 | 106 | 123 | 28 | 33 | |||||||||||||||||||||
Total Fixed Charges | $ | 303 | $ | 310 | $ | 340 | $ | 344 | $ | 424 | $ | 95 | $ | 125 | ||||||||||||||
Ratio of Earnings to Fixed Charges | 10.5 | 12.3 | 14.1 | 15.4 | 11.5 | 13.5 | 8.7 | |||||||||||||||||||||
(1) Interest accrued on uncertain tax positions 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. |