EX-12 4 h53625exv12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12
 

Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                                 
            Fiscal Year  
    26 Weeks Ended                                
    December 30,                                
(dollars in thousands)   2007     June 30, 2007     July 1, 2006 (1)     July 2, 2005     July 3, 2004 (2)     June 28, 2003  
Earnings before income taxes
  $ 859,734     $ 1,621,215     $ 1,394,946     $ 1,525,436     $ 1,475,144     $ 1,260,387  
Add: Fixed charges
    61,152       115,548       119,001       85,806       83,454       83,330  
Subtract: Capitalized interest
    2,662       3,955       2,853       4,316       7,495       5,244  
 
                                   
Total
  $ 918,224     $ 1,732,808     $ 1,511,094     $ 1,606,926     $ 1,551,103     $ 1,338,473  
 
                                   
 
                                               
Fixed Charges:
                                               
Interest expense
  $ 55,286     $ 105,002     $ 109,100     $ 75,000     $ 69,880     $ 72,234  
Capitalized interest
    2,662       3,955       2,853       4,316       7,495       5,244  
Rent expense interest factor
    3,204       6,591       7,048       6,490       6,079       5,852  
 
                                   
Total
  $ 61,152     $ 115,548     $ 119,001     $ 85,806     $ 83,454     $ 83,330  
 
                                   
Ratio of earnings to fixed charges
    15.0       15.0       12.7       18.7       18.6       16.1  
 
(1)   We adopted the provisions of SFAS 123(R), “Share-Based Payment” effective at the beginning of fiscal 2006. As a result, the results of operations include incremental share-based compensation cost over what would have been recorded had we continued to account for share-based compensation under APB No. 25, “Accounting for Stock Issued to Employees.”
 
(2)   The fiscal year ended July 3, 2004 was a 53-week year.