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 | ) | ||||
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Adjusted earnings | $ | 401,883 | $ | 380,626 | ||||
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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 | ||||||
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Fixed charges | $ | 60,793 | $ | 58,710 | ||||
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Ratio of earnings to fixed charges | 6.6 | 6.5 | ||||||
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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 | ) | ||||||||||
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Adjusted earnings | $ | 1,851,488 | $ | 1,701,797 | $ | 1,563,516 | $ | 1,383,020 | $ | 1,236,462 | ||||||||||
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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 | |||||||||||||||
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Fixed charges | $ | 265,108 | $ | 250,056 | $ | 240,329 | $ | 223,608 | $ | 204,017 | ||||||||||
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Ratio of earnings to fixed charges | 7.0 | 6.8 | 6.5 | 6.2 | 6.1 | |||||||||||||||
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