EXHIBIT 12
Starbucks Corporation
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
Sep 27, | Sep 28, | Sep 30, | Oct 1, | Oct 2, | ||||||||||||||||
Fiscal year ended | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Earnings(1) | $ | 559.2 | $ | 459.5 | $ | 1,056.3 | $ | 906.3 | $ | 796.3 | ||||||||||
Income from equity investees | (121.9 | ) | (113.6 | ) | (108.0 | ) | (94.0 | ) | (76.6 | ) | ||||||||||
Distributed income from equity investees | 53.0 | 52.6 | 65.9 | 49.2 | 30.9 | |||||||||||||||
Minority interest in subsidiaries | 0.7 | (3.9 | ) | 1.1 | 1.0 | 0.5 | ||||||||||||||
Amortization of capitalized interest | 1.0 | 0.8 | 0.4 | 0.1 | — | |||||||||||||||
Fixed charges, excluding capitalized interest | 284.4 | 300.4 | 254.5 | 181.8 | 149.1 | |||||||||||||||
Total earnings available for fixed charges | $ | 776.4 | $ | 695.8 | $ | 1,270.2 | $ | 1,044.4 | $ | 900.2 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest and debt expense (2) | $ | 42.2 | $ | 61.4 | $ | 42.3 | $ | 11.1 | $ | 1.3 | ||||||||||
Interest portion of rental expense | 245.1 | 246.2 | 216.1 | 173.4 | 147.8 | |||||||||||||||
Total fixed charges | $ | 287.3 | $ | 307.6 | $ | 258.4 | $ | 184.5 | $ | 149.1 | ||||||||||
Ratio of earnings to fixed charges | 2.7 | 2.3 | 4.9 | 5.7 | 6.0 | |||||||||||||||
(1) | Earnings represent income from continuing operations before provision for income taxes and cumulative effect of accounting change. | |
(2) | Includes amortization of debt-related expenses and interest capitalized during the period. |