Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
(in thousands, except ratios)
Twenty-Four Weeks Ended | ||||||||
February 11, 2012 | February 12, 2011 | |||||||
Earnings: | ||||||||
Income before income taxes | $ | 563,568 | $ | 501,039 | ||||
Fixed charges | 111,419 | 108,190 | ||||||
Less: Capitalized interest | (409 | ) | (316 | ) | ||||
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Adjusted earnings | $ | 674,578 | $ | 608,913 | ||||
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Fixed charges: | ||||||||
Gross interest expense | $ | 75,516 | $ | 74,153 | ||||
Amortization of debt expense | 3,573 | 3,898 | ||||||
Interest portion of rent expense | 32,330 | 30,139 | ||||||
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Fixed charges | $ | 111,419 | $ | 108,190 | ||||
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Ratio of earnings to fixed charges | 6.1 | 5.6 | ||||||
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Fiscal Year Ended August | ||||||||||||||||||||
2011 (52 weeks) | 2010 (52 weeks) | 2009 (52 weeks) | 2008 (53 weeks) | 2007 (52 weeks) | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income before income taxes | $ | 1,324,246 | $ | 1,160,505 | $ | 1,033,746 | $ | 1,007,389 | $ | 936,150 | ||||||||||
Fixed charges | 240,329 | 223,608 | 204,017 | 173,311 | 170,852 | |||||||||||||||
Less: Capitalized interest | (1,059 | ) | (1,093 | ) | (1,301 | ) | (1,313 | ) | (1,376 | ) | ||||||||||
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Adjusted earnings | $ | 1,563,516 | $ | 1,383,020 | $ | 1,236,462 | $ | 1,179,387 | $ | 1,105,626 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Gross interest expense | $ | 164,712 | $ | 156,135 | $ | 143,860 | $ | 120,006 | $ | 121,592 | ||||||||||
Amortization of debt expense | 8,962 | 6,495 | 3,644 | 1,837 | 1,719 | |||||||||||||||
Interest portion of rent expense | 66,655 | 60,978 | 56,513 | 51,468 | 47,541 | |||||||||||||||
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Fixed charges | $ | 240,329 | $ | 223,608 | $ | 204,017 | $ | 173,311 | $ | 170,852 | ||||||||||
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Ratio of earnings to fixed charges | 6.5 | 6.2 | 6.1 | 6.8 | 6.5 | |||||||||||||||
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