EX-12.1 2 g19858exv12w1.htm EX-12.1 EX-12.1
Exhibit 12.1
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)        
                                                    Six Months
                                                    Ended
    2004   2005   2006   2007   2008     August 2, 2009  
Earnings From Continuing Operations
Before Income Taxes
     $ 7,790       $ 8,967       $ 8,502       $ 6,620       $ 3,590       $ 2,477  
 
                                                            
Less: Capitalized Interest
       (40 )       (51 )       (47 )       (46 )       (20 )       (2 )
Add:
                                                            
Portion of Rental Expense under
operating leases deemed to be
the equivalent of interest
       162         177         257         279         286         142  
Interest Expense
       109         192         437         741         644         349  
 
                                                
Adjusted Earnings
     $ 8,021       $ 9,285       $ 9,149       $ 7,594       $ 4,500       $ 2,966  
 
                                                
 
                                                            
Fixed Charges:
                                                            
Interest Expense
     $ 109       $ 192       $ 437       $ 741       $ 644       $ 349  
Portion of Rental Expense under
operating leases deemed to be
the equivalent of interest
       162         177         257         279         286         142  
 
                                                
Total Fixed Charges
     $ 271       $ 369       $ 694       $ 1,020       $ 930       $ 491  
 
                                                
 
                                                            
Ratio of Earnings to Fixed Charges (2)
       29.6 x       25.2 x       13.2 x       7.4 x       4.8 x       6.0 x
 
(1)   Fiscal years 2008, 2007, 2006, 2005 and 2004 refer to the fiscal years ended February 1, 2009, February 3, 2008, January 28, 2007, January 29, 2006 and January 30, 2005, respectively. Fiscal year 2007 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)