Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges | |||||||
(unaudited) | |||||||
(in thousands, except ratios) | |||||||
Twenty-Four Weeks Ended | |||||||
February 10, | February 11, | ||||||
2007 | 2006 | ||||||
Earnings | |||||||
Income before income taxes | $ | 358,008 | $ | 335,566 | |||
Fixed charges | 75,894 | 69,843 | |||||
Less: Capitalized interest | (660 | ) | (913 | ) | |||
Adjusted earnings | $ | 433,242 | $ | 404,496 | |||
Fixed charges | |||||||
Gross interest expense | $ | 54,983 | $ | 49,195 | |||
Amortization of debt expense | 810 | 731 | |||||
Interest portion of rent expense | 20,101 | 19,917 | |||||
Total fixed charges | $ | 75,894 | $ | 69,843 | |||
Ratio of earnings to fixed charges | 5.7 | 5.8 |
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 | |||||||||||