Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
(in thousands, except ratios)
(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 | |||||||||||||||