EX-12.1 8 syy-20130330ex121b399e6.htm EX-12.1 12.1 Ratio of Earnings to Fixed Charges 3-30-13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 12.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39-Week Period Ending

 

Fiscal Year

(dollars in thousands)

Mar. 30, 2013

 

June 30, 2012

 

July 2, 2011

 

July 3, 2010 (2)

 

June 27, 2009

 

June 28, 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

$

1,108,950 

 

$

1,784,002 

 

$

1,827,454 

 

$

1,849,589 

 

$

1,770,834 

 

$

1,791,338 

Add:  Fixed charges

 

116,901 

 

 

154,965 

 

 

151,990 

 

 

155,644 

 

 

140,772 

 

 

142,175 

Subtract:  Capitalized interest

 

3,639 

 

 

20,816 

 

 

13,887 

 

 

9,997 

 

 

3,531 

 

 

6,805 

Total

$

1,222,212 

 

$

1,918,151 

 

$

1,965,557 

 

$

1,995,236 

 

$

1,908,075 

 

$

1,926,708 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Interest expense

$

97,325 

 

$

113,396 

 

$

118,267 

 

$

125,477 

 

$

116,322 

 

$

111,541 

  Capitalized interest

 

3,639 

 

 

20,816 

 

 

13,887 

 

 

9,997 

 

 

3,531 

 

 

6,805 

  Rent expense interest factor

 

15,937 

 

 

20,753 

 

 

19,836 

 

 

20,170 

 

 

20,919 

 

 

23,829 

Total

$

116,901 

 

$

154,965 

 

$

151,990 

 

$

155,644 

 

$

140,772 

 

$

142,175 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (1)

 

10.5 

 

 

12.4 

 

 

12.9 

 

 

12.8 

 

 

13.6 

 

 

13.6 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) For the purpose of calculating this ratio, “earnings” consist of earnings before income taxes and fixed charges (exclusive of interest capitalized).  “Fixed charges” consist of interest expense, capitalized interest and the estimated interest portion of rents.

(2) The fiscal year ended July 3, 2010 was a 53-week year.