Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
(in thousands, except ratios)
| Twelve Weeks Ended | ||||||||
| November 21, 2015 | November 22, 2014 | |||||||
Earnings: | ||||||||
Income before income taxes | $ | 402,985 | $ | 371,502 | ||||
Fixed charges | 55,533 | 56,800 | ||||||
Less: Capitalized interest | (165 | ) | (162 | ) | ||||
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Adjusted earnings | $ | 458,353 | $ | 428,140 | ||||
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Fixed charges: | ||||||||
Gross interest expense | $ | 33,859 | $ | 35,987 | ||||
Amortization of debt origination fees | 1,726 | 1,521 | ||||||
Interest portion of rent expense | 19,948 | 19,292 | ||||||
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Fixed charges | $ | 55,533 | $ | 56,800 | ||||
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Ratio of earnings to fixed charges | 8.3 | 7.5 | ||||||
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| Fiscal Year Ended August | ||||||||||||||||||||
| 2015 (52 weeks) | 2014 (52 weeks) | 2013 (53 weeks) | 2012 (52 weeks) | 2011 (52 weeks) | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income before income taxes | $ | 1,802,612 | $ | 1,662,714 | $ | 1,587,683 | $ | 1,452,986 | $ | 1,324,246 | ||||||||||
Fixed charges | 236,996 | 249,513 | 265,108 | 250,056 | 240,329 | |||||||||||||||
Less: Capitalized interest | (963 | ) | (1,041 | ) | (1,303 | ) | (1,245 | ) | (1,059 | ) | ||||||||||
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Adjusted earnings | $ | 2,038,645 | $ | 1,911,186 | $ | 1,851,488 | $ | 1,701,797 | $ | 1,563,516 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Gross interest expense | $ | 146,777 | $ | 163,544 | $ | 180,085 | $ | 170,481 | $ | 164,712 | ||||||||||
Amortization of debt origination fees | 6,230 | 6,856 | 8,239 | 8,066 | 8,962 | |||||||||||||||
Interest portion of rent expense | 83,989 | 79,113 | 76,784 | 71,509 | 66,655 | |||||||||||||||
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Fixed charges | $ | 236,996 | $ | 249,513 | $ | 265,108 | $ | 250,056 | $ | 240,329 | ||||||||||
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Ratio of earnings to fixed charges | 8.6 | 7.7 | 7.0 | 6.8 | 6.5 | |||||||||||||||
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