AutoZone (AZO) 10-Q 2015 Q3 Quarterly report

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

(Unaudited)

(in thousands, except ratios)

	Thirty-Six Weeks Ended
	May 9, 2015			May 10, 2014
Earnings:
Income before income taxes	$	1,180,405		$	1,081,939
Fixed charges		163,625			174,597
Less: Capitalized interest		(580	)		(670	)
Adjusted earnings	$	1,343,450		$	1,255,866
Fixed charges:
Gross interest expense	$	100,737		$	115,275
Amortization of debt origination fees		4,274			4,895
Interest portion of rent expense		58,614			54,427
Fixed charges	$	163,625		$	174,597
Ratio of earnings to fixed charges		8.2			7.2

	Fiscal Year Ended August
	2014 (52 weeks)			2013 (53 weeks)			2012 (52 weeks)			2011 (52 weeks)			2010 (52 weeks)
Earnings:
Income before income taxes	$	1,662,714		$	1,587,683		$	1,452,986		$	1,324,246		$	1,160,505
Fixed charges		249,513			265,108			250,056			240,329			223,608
Less: Capitalized interest		(1,041	)		(1,303	)		(1,245	)		(1,059	)		(1,093	)
Adjusted earnings	$	1,911,186		$	1,851,488		$	1,701,797		$	1,563,516		$	1,383,020
Fixed charges:
Gross interest expense	$	163,544		$	180,085		$	170,481		$	164,712		$	156,135
Amortization of debt origination fees		6,856			8,239			8,066			8,962			6,495
Interest portion of rent expense		79,113			76,784			71,509			66,655			60,978
Fixed charges	$	249,513		$	265,108		$	250,056		$	240,329		$	223,608
Ratio of earnings to fixed charges		7.7			7.0			6.8			6.5			6.2