AutoZone (AZO) 10-Q 2014 Q1 Quarterly report

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

(Unaudited)

(in thousands, except ratios)

	Twelve Weeks Ended
	November 23, 2013			November 17, 2012
Earnings:
Income before income taxes	$	341,295		$	322,172
Fixed charges		60,793			58,710
Less: Capitalized interest		(205	)		(256	)
Adjusted earnings	$	401,883		$	380,626
Fixed charges:
Gross interest expense	$	41,260		$	39,714
Amortization of debt origination fees		1,711			1,941
Interest portion of rent expense		17,822			17,055
Fixed charges	$	60,793		$	58,710
Ratio of earnings to fixed charges		6.6			6.5

	Fiscal Year Ended August
	2013 (53 weeks)			2012 (52 weeks)			2011 (52 weeks)			2010 (52 weeks)			2009 (52 weeks)
Earnings:
Income before income taxes	$	1,587,683		$	1,452,986		$	1,324,246		$	1,160,505		$	1,033,746
Fixed charges		265,108			250,056			240,329			223,608			204,017
Less: Capitalized interest		(1,303	)		(1,245	)		(1,059	)		(1,093	)		(1,301	)
Adjusted earnings	$	1,851,488		$	1,701,797		$	1,563,516		$	1,383,020		$	1,236,462
Fixed charges:
Gross interest expense	$	180,085		$	170,481		$	164,712		$	156,135		$	143,860
Amortization of debt origination fees		8,239			8,066			8,962			6,495			3,644
Interest portion of rent expense		76,784			71,509			66,655			60,978			56,513
Fixed charges	$	265,108		$	250,056		$	240,329		$	223,608		$	204,017
Ratio of earnings to fixed charges		7.0			6.8			6.5			6.2			6.1