AutoZone (AZO) 10-Q 2016 Q2 Quarterly report

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

(Unaudited)

(in thousands, except ratios)

	Twenty-Four Weeks Ended
	February 13, 2016			February 14, 2015
Earnings:
Income before income taxes	$	752,813		$	698,235
Fixed charges		109,249			111,487
Less: Capitalized interest		(347	)		(388	)
Adjusted earnings	$	861,715		$	809,334
Fixed charges:
Gross interest expense	$	65,534		$	69,747
Amortization of debt origination fees		3,538			2,918
Interest portion of rent expense		40,177			38,822
Fixed charges	$	109,249		$	111,487
Ratio of earnings to fixed charges		7.9			7.3

	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	)
Adjusted earnings	$	2,038,645		$	1,911,186		$	1,851,488		$	1,701,797		$	1,563,516
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
Fixed charges	$	236,996		$	249,513		$	265,108		$	250,056		$	240,329
Ratio of earnings to fixed charges		8.6			7.7			7.0			6.8			6.5