EX-12 5 ltd128201210kex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES LTD 1.28.2012 10K EX 12


Exhibit 12
Limited Brands, Inc.
Computation of Ratio of Earnings to Fixed Charges

 
Fiscal Year Ended
 
January 28, 2012
 
January 29, 2011
 
January 30, 2010
 
January 31, 2009
 
February 2, 2008
 
 
 
 
 
 
 
 
 
 
Earnings:
(in millions)
Income before income taxes,
  noncontrolling interest and cumulative
  effect of change in accounting principle
$
1,226

 
$
1,251

 
$
650

 
$
449

 
$
1,107

Fixed charges (excluding capitalized
  interest)
354

 
329

 
357

 
297

 
268

Distributions from equity method
  investments, net of income or loss from
  equity investees

 
(3
)
 
(5
)
 
102

 
(3
)
Total earnings
$
1,580

 
$
1,577

 
$
1,002

 
$
848

 
$
1,372

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Portion of minimum rent representative of interest
$
105

 
$
118

 
$
118

 
$
115

 
$
117

Interest on indebtedness (including
  capitalized interest)
246

 
208

 
238

 
184

 
156

Total fixed charges
$
351

 
$
326

 
$
356

 
$
299

 
$
273

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
4.5

 
4.8

 
2.8

 
2.8

 
5.0

 
For the purpose of calculating the ratios of earnings to fixed charges, we calculate earnings by adding fixed charges and distributions from equity method investees, net of income or losses from equity method investees, to pre-tax income from continuing operations before noncontrolling interests in consolidated subsidiaries and cumulative effect of changes in accounting principle. Fixed charges include total interest and a portion of rent expense, which we believe is representative of the interest factor of our rent expense. Interest associated with income tax liabilities is excluded from our calculation.