Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(unaudited)
(in thousands, except ratios)
(unaudited)
(in thousands, except ratios)
Twelve Weeks Ended | ||||||||
November 21, | November 22, | |||||||
2009 | 2008 | |||||||
Earnings: | ||||||||
Income before income taxes | $ | 224,088 | $ | 207,373 | ||||
Fixed charges | 51,128 | 45,066 | ||||||
Less: Capitalized interest | (241 | ) | (172 | ) | ||||
Adjusted earnings | $ | 274,975 | $ | 252,267 | ||||
Fixed charges: | ||||||||
Gross interest expense | $ | 35,800 | $ | 31,920 | ||||
Amortization of debt expense | 1,489 | 620 | ||||||
Interest portion of rent expense | 13,839 | 12,526 | ||||||
Total fixed charges | $ | 51,128 | $ | 45,066 | ||||
Ratio of earnings to fixed charges | 5.4 | 5.6 | ||||||
Fiscal Year Ended August | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
(52 weeks) | (53 weeks) | (52 weeks) | (52 weeks) | (52 weeks) | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income before income taxes | $ | 1,033,746 | $ | 1,007,389 | $ | 936,150 | $ | 902,036 | $ | 873,221 | ||||||||||
Fixed charges | 204,017 | 173,311 | 170,852 | 156,976 | 144,930 | |||||||||||||||
Less: Capitalized interest | (1,301 | ) | (1,313 | ) | (1,376 | ) | (1,985 | ) | (1,079 | ) | ||||||||||
Adjusted earnings | $ | 1,236,462 | $ | 1,179,387 | $ | 1,105,626 | $ | 1,057,027 | $ | 1,017,072 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Gross interest expense | $ | 143,860 | $ | 120,006 | $ | 121,592 | $ | 110,568 | $ | 102,341 | ||||||||||
Amortization of debt expense | 3,644 | 1,837 | 1,719 | 1,559 | 2,343 | |||||||||||||||
Interest portion of rent expense | 56,513 | 51,468 | 47,541 | 44,849 | 40,246 | |||||||||||||||
Total fixed charges | $ | 204,017 | $ | 173,311 | $ | 170,852 | $ | 156,976 | $ | 144,930 | ||||||||||
Ratio of earnings to fixed charges | 6.1 | 6.8 | 6.5 | 6.7 | 7.0 | |||||||||||||||