AutoZone (AZO) 10-Q 2018 Q1 Quarterly report

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

(Unaudited)

(in thousands, except ratios)

	Twelve Weeks Ended
	November 18, 2017			November 19, 2016
Earnings:
Income before income taxes	$	429,865		$	425,596
Fixed charges		61,620			54,946
Less: Capitalized interest		(283	)		(200	)
Adjusted earnings	$	491,202		$	480,342
Fixed charges:
Gross interest expense	$	37,910		$	32,118
Amortization of debt origination fees		1,999			1,950
Interest portion of rent expense		21,711			20,878
Fixed charges	$	61,620		$	54,946
Ratio of earnings to fixed charges		8.0			8.7

	2017 (52 weeks)			2016 (52 weeks)			2015 (52 weeks)			2014 (52 weeks)			2013 (53 weeks)
Earnings:
Income before income taxes	$	1,925,489		$	1,912,714		$	1,802,612		$	1,662,714		$	1,587,683
Fixed charges		253,751			238,389			236,996			249,513			265,108
Less: Capitalized interest		(1,247	)		(909	)		(963	)		(1,041	)		(1,303	)
Adjusted earnings	$	2,177,993		$	2,150,194		$	2,038,645		$	1,911,186		$	1,851,488
Fixed charges:
Gross interest expense	$	150,960		$	142,981		$	146,777		$	163,544		$	180,085
Amortization of debt origination fees		8,369			7,980			6,230			6,856			8,239
Interest portion of rent expense		94,422			87,428			83,989			79,113			76,784
Fixed charges	$	253,751		$	238,389		$	236,996		$	249,513		$	265,108
Ratio of earnings to fixed charges		8.6			9.0			8.6			7.7			7.0

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