EXHIBIT 12.1
THE HOME DEPOT, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
($ IN MILLIONS, EXCEPT RATIO DATA)
FISCAL YEAR (1)
-----------------------------------------------
2001 2002 2003 2004 2005
------- ------- ------- ------- -------
Earnings Before Income Taxes $ 4,957 $ 5,872 $ 6,843 $ 7,912 $ 9,282
Less: Capitalized Interest (84) (59) (50) (40) (51)
Add: Minority Interest Income - - - - -
Portion of Rental Expense under
operating leases deemed to be
the equivalent of interest 122 132 145 170 191
Interest Expense 110 96 112 110 194
------- ------- ------- ------- -------
Adjusted Earnings $ 5,105 $ 6,041 $ 7,050 $ 8,152 $ 9,616
======= ======= ======= ======= =======
Fixed Charges:
Interest Expense $ 110 $ 96 $ 112 $ 110 $ 194
Portion of Rental Expense under
operating leases deemed to be
the equivalent of interest 122 132 145 170 191
------- ------- ------- ------- -------
Total Fixed Charges $ 232 $ 228 $ 257 $ 280 $ 385
======= ======= ======= ======= =======
Ratio of Earnings to Fixed Charges (2) 22.0x 26.5x 27.4x 29.1x 25.0x
(1) Fiscal years 2005, 2004, 2003, 2002, and 2001 refer to the fiscal years
ended January 29, 2006, January 30, 2005, February 1, 2004, February 2,
2003 and February 3, 2002, respectively. Fiscal year 2001 consisted of 53
weeks.
(2) For purposes of computing the ratios of earnings to fixed charges,
"earnings" consist of earnings before income taxes and minority interest
plus fixed charges, excluding capitalized interest. "Fixed charges" consist
of interest incurred on indebtedness including capitalized interest,
amortization of debt expenses and one-third the portion of rental expense
under operating leases, which is deemed to be the equivalent of interest.
The ratios of earnings to fixed charges are calculated as follows:
(earnings before income taxes and minority interest)+(fixed
charges)-(capitalized interest)
----------------------------------------------------------
(fixed charges)