Exhibit 12
Limited Brands, Inc.
Ratio of Earnings to Fixed Charges
(in thousands)
2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||
Earnings | ||||||||||||||
Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | $ | 845,307 | $ | 956,255 | $ | 818,345 | $ | 858,641 | $ | 2,420,184 | ||||
Portion of minimum rent representative of interest | 166,712 | 164,609 | 167,000 | 174,010 | 178,670 | |||||||||
Interest on indebtedness | 29,559 | 33,960 | 58,244 | 78,297 | 68,528 | |||||||||
Total Earnings as Adjusted | $ | 1,041,578 | $ | 1,154,824 | $ | 1,043,589 | $ | 1,110,948 | $ | 2,667,382 | ||||
Fixed Charges | ||||||||||||||
Interest on indebtedness | $ | 29,559 | $ | 33,960 | $ | 58,244 | $ | 78,297 | $ | 68,528 | ||||
Portion of minimum rent representative of interest | 166,712 | 164,609 | 167,000 | 174,010 | 178,670 | |||||||||
Total Fixed Charges | $ | 196,271 | $ | 198,569 | $ | 225,244 | $ | 252,307 | $ | 247,198 | ||||
Ratio of Earnings to Fixed Charges | 5.31 | 5.82 | 4.63 | 4.40 | 10.79 | |||||||||