EX-12.1 6 c12604exv12w1.htm EXHIBIT 12.1 Exhibit 12.1
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
(in thousands, except ratios)
                 
    Twenty-Four Weeks Ended  
    February 12,     February 13,  
    2011     2010  
Earnings:
               
Income before income taxes
  $ 501,039     $ 418,160  
Fixed charges
    108,190       101,984  
Less: Capitalized interest
    (316 )     (527 )
 
           
Adjusted earnings
  $ 608,913     $ 519,617  
 
           
 
               
Fixed charges:
               
Gross interest expense
  $ 74,153     $ 71,522  
Amortization of debt expense
    3,898       2,999  
Interest portion of rent expense
    30,139       27,463  
 
           
Fixed charges
  $ 108,190     $ 101,984  
 
           
 
               
Ratio of earnings to fixed charges
    5.6       5.1  
 
           
                                         
    Fiscal Year Ended August  
    2010     2009     2008     2007     2006  
    (52 weeks)     (52 weeks)     (53 weeks)     (52 weeks)     (52 weeks)  
 
                                       
Earnings:
                                       
Income before income taxes
  $ 1,160,505     $ 1,033,746     $ 1,007,389     $ 936,150     $ 902,036  
Fixed charges
    223,608       204,017       173,311       170,852       156,976  
Less: Capitalized interest
    (1,093 )     (1,301 )     (1,313 )     (1,376 )     (1,985 )
 
                             
Adjusted earnings
  $ 1,383,020     $ 1,236,462     $ 1,179,387     $ 1,105,626     $ 1,057,027  
 
                             
 
                                       
Fixed charges:
                                       
Gross interest expense
  $ 156,135     $ 143,860     $ 120,006     $ 121,592     $ 110,568  
Amortization of debt expense
    6,495       3,644       1,837       1,719       1,559  
Interest portion of rent expense
    60,978       56,513       51,468       47,541       44,849  
 
                             
Fixed charges
  $ 223,608     $ 204,017     $ 173,311     $ 170,852     $ 156,976  
 
                             
 
                                       
Ratio of earnings to fixed charges
    6.2       6.1       6.8       6.5       6.7