AutoZone (AZO) 10-Q 2013 Q2 Quarterly report

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

(Unaudited)

(in thousands, except ratios)

	Twenty-Four Weeks Ended
	February 9, 2013			February 11, 2012
Earnings:
Income before income taxes	$	598,420		$	563,568
Fixed charges		117,947			111,419
Less: Capitalized interest		(524	)		(409	)
Adjusted earnings	$	715,843		$	674,578
Fixed charges:
Gross interest expense	$	79,781		$	75,516
Amortization of debt expense		3,905			3,573
Interest portion of rent expense		34,261			32,330
Fixed charges	$	117,947		$	111,419
Ratio of earnings to fixed charges		6.1			6.1

	Fiscal Year Ended August
	2012 (52 weeks)			2011 (52 weeks)			2010 (52 weeks)			2009 (52 weeks)			2008 (53 weeks)
Earnings:
Income before income taxes	$	1,452,986		$	1,324,246		$	1,160,505		$	1,033,746		$	1,007,389
Fixed charges		250,056			240,329			223,608			204,017			173,311
Less: Capitalized interest		(1,245	)		(1,059	)		(1,093	)		(1,301	)		(1,313	)
Adjusted earnings	$	1,701,797		$	1,563,516		$	1,383,020		$	1,236,462		$	1,179,387
Fixed charges:
Gross interest expense	$	170,481		$	164,712		$	156,135		$	143,860		$	120,006
Amortization of debt expense		8,066			8,962			6,495			3,644			1,837
Interest portion of rent expense		71,509			66,655			60,978			56,513			51,468
Fixed charges	$	250,056		$	240,329		$	223,608		$	204,017		$	173,311
Ratio of earnings to fixed charges		6.8			6.5			6.2			6.1			6.8