AutoZone (AZO) 10-Q 2011 Q2 Quarterly report

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
(in thousands, except ratios)

	Twenty-Four Weeks Ended
	February 12,			February 13,
	2011			2010
Earnings:
Income before income taxes	$	501,039		$	418,160
Fixed charges		108,190			101,984
Less: Capitalized interest		(316	)		(527	)
Adjusted earnings	$	608,913		$	519,617
Fixed charges:
Gross interest expense	$	74,153		$	71,522
Amortization of debt expense		3,898			2,999
Interest portion of rent expense		30,139			27,463
Fixed charges	$	108,190		$	101,984
Ratio of earnings to fixed charges		5.6			5.1

	Fiscal Year Ended August
	2010			2009			2008			2007			2006
	(52 weeks)			(52 weeks)			(53 weeks)			(52 weeks)			(52 weeks)
Earnings:
Income before income taxes	$	1,160,505		$	1,033,746		$	1,007,389		$	936,150		$	902,036
Fixed charges		223,608			204,017			173,311			170,852			156,976
Less: Capitalized interest		(1,093	)		(1,301	)		(1,313	)		(1,376	)		(1,985	)
Adjusted earnings	$	1,383,020		$	1,236,462		$	1,179,387		$	1,105,626		$	1,057,027
Fixed charges:
Gross interest expense	$	156,135		$	143,860		$	120,006		$	121,592		$	110,568
Amortization of debt expense		6,495			3,644			1,837			1,719			1,559
Interest portion of rent expense		60,978			56,513			51,468			47,541			44,849
Fixed charges	$	223,608		$	204,017		$	173,311		$	170,852		$	156,976
Ratio of earnings to fixed charges		6.2			6.1			6.8			6.5			6.7