Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Fiscal Year | ||||||||||||||||||||||||
26 Weeks Ended | ||||||||||||||||||||||||
December 30, | ||||||||||||||||||||||||
(dollars in thousands) | 2007 | June 30, 2007 | July 1, 2006 (1) | July 2, 2005 | July 3, 2004 (2) | June 28, 2003 | ||||||||||||||||||
Earnings before income taxes | $ | 859,734 | $ | 1,621,215 | $ | 1,394,946 | $ | 1,525,436 | $ | 1,475,144 | $ | 1,260,387 | ||||||||||||
Add: Fixed charges | 61,152 | 115,548 | 119,001 | 85,806 | 83,454 | 83,330 | ||||||||||||||||||
Subtract: Capitalized interest | 2,662 | 3,955 | 2,853 | 4,316 | 7,495 | 5,244 | ||||||||||||||||||
Total | $ | 918,224 | $ | 1,732,808 | $ | 1,511,094 | $ | 1,606,926 | $ | 1,551,103 | $ | 1,338,473 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense | $ | 55,286 | $ | 105,002 | $ | 109,100 | $ | 75,000 | $ | 69,880 | $ | 72,234 | ||||||||||||
Capitalized interest | 2,662 | 3,955 | 2,853 | 4,316 | 7,495 | 5,244 | ||||||||||||||||||
Rent expense interest factor | 3,204 | 6,591 | 7,048 | 6,490 | 6,079 | 5,852 | ||||||||||||||||||
Total | $ | 61,152 | $ | 115,548 | $ | 119,001 | $ | 85,806 | $ | 83,454 | $ | 83,330 | ||||||||||||
Ratio of earnings to fixed charges | 15.0 | 15.0 | 12.7 | 18.7 | 18.6 | 16.1 |
(1) | We adopted the provisions of SFAS 123(R), “Share-Based Payment” effective at the beginning of fiscal 2006. As a result, the results of operations include incremental share-based compensation cost over what would have been recorded had we continued to account for share-based compensation under APB No. 25, “Accounting for Stock Issued to Employees.” | |
(2) | The fiscal year ended July 3, 2004 was a 53-week year. |