EX-12 3 v50316exv12.htm EX-12 exv12
EXHIBIT 12
Starbucks Corporation
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
                                         
    Sep 28,     Sep 30,     Oct 1,     Oct 2,     Oct 3,  
Fiscal year ended   2008     2007     2006     2005     2004  
Earnings (1)
  $ 459.5     $ 1,056.3     $ 906.3     $ 796.3     $ 620.6  
 
                                       
Income from equity investees
    (113.6 )     (108.0 )     (94.0 )     (76.6 )     (59.0 )
Distributed income from equity investees
    52.6       65.9       49.2       30.9       38.3  
Minority interest in subsidiaries
    (3.9 )     1.1       1.0       0.5       0.3  
Amortization of capitalized interest
    0.8       0.4       0.1              
Fixed charges, excluding capitalized interest
    300.4       254.5       181.8       149.1       132.4  
 
                             
 
                                       
Total earnings available for fixed charges
  $ 695.8     $ 1,270.2     $ 1,044.4     $ 900.2     $ 732.6  
 
                             
 
                                       
Fixed charges:
                                       
Interest and debt expense (2)
  $ 61.4     $ 42.3     $ 11.1     $ 1.3     $ 0.3  
Interest portion of rental expense
    246.2       216.1       173.4       147.8       132.0  
 
                             
 
                                       
Total fixed charges
  $ 307.6     $ 258.4     $ 184.5     $ 149.1     $ 132.3  
 
                             
 
                                       
Ratio of earnings to fixed charges
    2.3       4.9       5.7       6.0       5.5  
 
                             
 
(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.