Lowe's Companies (LOW) 10-Q 2009 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 30,		January 28,		February 3,		February 2,		February 1,		November 2,		October 31,
	2004		2005		2006		2007		2008		2007		2008
Earnings:
Earnings Before Income Taxes	$	2,908	$	3,520	$	4,496	$	4,998	$	4,511	$	3,858	$	3,247
Add: Fixed Charges		303		310		340		344		424		303		361
Less: Capitalized Interest		(26)		(28)		(28)		(32)		(65)		(30)		(25)
Adjusted Earnings	$	3,185	$	3,802	$	4,808	$	5,310	$	4,870	$	4,131	$	3,583
Fixed Charges:
Interest Expense(1)	$	224	$	220	$	231	$	238	$	301	$	212	$	262
Rental Expense(2)		79		90		109		106		123		91		99
Total Fixed Charges	$	303	$	310	$	340	$	344	$	424	$	303	$	361
Ratio of Earnings to Fixed Charges		10.5		12.3		14.1		15.4		11.5		13.6		9.9

(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.