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.