EX-12 4 hd-232013xexx12.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES HD-2.3.2013-EX-12


Exhibit 12
 
THE HOME DEPOT, INC. AND SUBSIDIARIES
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(amounts in millions, except ratio data)
 
 
Fiscal Year (1) 
 
 
2012 
 
 
2011 
 
 
2010 
 
 
2009 
 
 
2008 
 
Earnings From Continuing Operations Before Income Taxes
$
7,221

 
$
6,068

 
$
5,273

 
$
3,982

 
$
3,590

Less: Capitalized Interest
(3
)
 
(3
)
 
(3
)
 
(4
)
 
(20
)
Add:
 
 
 
 
 
 
 
 
 
Portion of Rental Expense under operating leases deemed to be the equivalent of interest
298

 
280

 
278

 
277

 
286

Interest Expense
635

 
609

 
533

 
680

 
644

Adjusted Earnings
$
8,151

 
$
6,954

 
$
6,081

 
$
4,935

 
$
4,500

Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest Expense
$
635

 
$
609

 
$
533

 
$
680

 
$
644

Portion of Rental Expense under operating leases deemed to be the equivalent of interest
298

 
280

 
278

 
277

 
286

Total Fixed Charges
$
933

 
$
889

 
$
811

 
$
957

 
$
930

Ratio of Earnings to Fixed Charges(2)
8.7x

 
7.8x

 
7.5x

 
5.2x

 
4.8x

 
(1)
Fiscal years 2012, 2011, 2010, 2009 and 2008 refer to the fiscal years ended February 3, 2013, January 29, 2012, January 30, 2011, January 31, 2010 and February 1, 2009, respectively. Fiscal year 2012 includes 53 weeks; all other fiscal years reported include 52 weeks.
(2)
For purposes of computing the ratios of earnings to fixed charges, “earnings” consist of earnings from continuing operations before income taxes plus fixed charges, excluding capitalized interest. “Fixed charges” consist of interest incurred on indebtedness including capitalized interest, amortization of debt expenses and the portion of rental expense under operating leases deemed to be the equivalent of interest. The ratios of earnings to fixed charges are calculated as follows:
(earnings from continuing operations before income taxes) + (fixed charges) - (capitalized interest)
(fixed charges)