Exhibit 12.1

THE WALT DISNEY COMPANY

RATIO OF EARNINGS TO FIXED CHARGES

(AMOUNTS IN MILLIONS, EXCEPT RATIOS)

	Six Months Ended						Fiscal Year Ended
	March 31, 2012			April 2, 2011			2011			2010			2009			2008			2007
EARNINGS
Income from continuing operations before income taxes	$	4,117		$	3,632		$	8,043		$	6,627		$	5,658		$	7,402		$	7,725
Equity in the income of investees		(283	)		(279	)		(585	)		(440	)		(577	)		(581	)		(485	)
Dividends from equity method investees		315			295			608			473			505			476			420
Interest expense, amortization of debt discounts and premium on all indebtedness and amortization of capitalized interest		267			246			495			514			649			768			801
Imputed interest on operating leases (estimated to be one-third of rental expense)		133			134			273			216			205			183			161
TOTAL EARNINGS	$	4,549		$	4,028		$	8,834		$	7,390		$	6,440		$	8,248		$	8,622
FIXED CHARGES
Interest expense and amortization of debt discounts and premium on all indebtedness	$	242		$	211		$	435		$	456		$	588		$	712		$	746
Capitalized interest		46			46			91			82			57			62			37
Imputed interest on operating leases		133			134			273			216			205			183			161
TOTAL FIXED CHARGES	$	421		$	391		$	799		$	754		$	850		$	957		$	944
RATIO OF EARNINGS TO FIXED CHARGES (1)		10.8			10.3			11.1			9.8			7.6			8.6			9.1

⁽¹⁾  The ratio does not adjust for interest on unrecognized tax benefits that are recorded as a component of income tax expense