Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges | |||||||
(unaudited) | |||||||
(in thousands, except ratios) |
Twelve Weeks Ended | |||||||
November 18, | November 19, | ||||||
2006 | 2005 | ||||||
Earnings | |||||||
Income before income taxes | $ | 195,903 | $ | 181,554 | |||
Fixed charges | 37,945 | 34,310 | |||||
Less: Capitalized interest | (331 | ) | (407 | ) | |||
Adjusted earnings | $ | 233,517 | $ | 215,457 | |||
Fixed charges | |||||||
Gross interest expense | $ | 27,613 | $ | 24,135 | |||
Amortization of debt expense | 409 | 362 | |||||
Interest portion of rent expense | 9,923 | 9,813 | |||||
Total fixed charges | $ | 37,945 | $ | 34,310 | |||
Ratio of earnings to fixed charges | 6.2 | 6.3 |
Fiscal Year Ended August | ||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||
(52 weeks) | (52 weeks) | (52 weeks) | (52 weeks) | (53 weeks) | ||||||||||||
Earnings | ||||||||||||||||
Income before income taxes | $ | 902,036 | $ | 873,221 | $ | 905,902 | $ | 833,007 | $ | 691,148 | ||||||
Fixed charges | 156,976 | 144,930 | 130,278 | 121,129 | 98,688 | |||||||||||
Less: Capitalized interest | (1,985 | ) | (1,079 | ) | (813 | ) | (791 | ) | (437 | ) | ||||||
Adjusted earnings | $ | 1,057,027 | $ | 1,017,072 | $ | 1,035,367 | $ | 953,345 | $ | 789,399 | ||||||
Fixed charges | ||||||||||||||||
Gross interest expense | $ | 110,568 | $ | 102,341 | $ | 89,600 | $ | 79,301 | $ | 78,183 | ||||||
Amortization of debt expense | 1,559 | 2,343 | 4,230 | 7,334 | 2,283 | |||||||||||
Interest portion of rent expense | 44,849 | 40,246 | 36,448 | 34,494 | 18,222 | |||||||||||
Total fixed charges | $ | 156,976 | $ | 144,930 | $ | 130,278 | $ | 121,129 | $ | 98,688 | ||||||
Ratio of earnings to fixed charges | 6.7 | 7.0 | 7.9 | 7.9 | 8.0 |