EX-12 3 v33834exv12.htm EX-12: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EX-12
 

EXHIBIT 12
Starbucks Corporation
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
                                         
    Sept 30,   Oct 1,   Oct 2,   Oct 3,   Sept 28,
Fiscal year ended   2007   2006   2005   2004   2003
Earnings (1)
  $ 1,056,364     $ 906,243     $ 796,347     $ 620,634     $ 432,472  
 
                                       
Income from equity investees
    (108,006 )     (93,937 )     (76,648 )     (58,978 )     (36,903 )
Distributed income from equity investees
    65,927       49,238       30,919       38,328       28,966  
Minority interest in subsidiaries
    1,095       963       521       285       236  
Amortization of capitalized interest
    355       141                    
Fixed charges, excluding capitalized interest
    254,474       181,811       149,114       132,344       121,211  
     
 
                                       
Total earnings available for fixed charges
  $ 1,270,209     $ 1,044,459     $ 900,253     $ 732,613     $ 545,982  
     
 
                                       
Fixed charges:
                                       
Interest and debt expense (2)
  $ 42,277     $ 11,138     $ 1,308     $ 370     $ 265  
Interest portion of rental expense
    216,123       173,352       147,806       131,974       120,946  
     
 
                                       
Total fixed charges
  $ 258,400     $ 184,490     $ 149,114     $ 132,344     $ 121,211  
     
 
                                       
Ratio of earnings to fixed charges
    4.9       5.7       6.0       5.5       4.5  
     
 
(1)  
Earnings represent income from continuing operations before provision for income taxes and cumulative effect of accounting change.
 
(2)  
Includes amortization of debt-related expenses and interest capitalized during the period.