EX-12 3 a2168212zex-12.htm EXHIBIT 12
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Exhibit 12

THE HOME DEPOT, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
($ in millions, except ratio data)

		Fiscal Year (1)
		2001			2002			2003			2004			2005
Earnings Before Income Taxes		$	4,957		$	5,872		$	6,843		$	7,912		$	9,282
Less: Capitalized Interest			(84	)		(59	)		(50	)		(40	)		(51	)
Add:
	Portion of Rental Expense under operating leases deemed to be the equivalent of interest		122			132			145			170			191
	Interest Expense		110			96			112			110			194

Adjusted Earnings		$	5,105		$	6,041		$	7,050		$	8,152		$	9,616

Fixed Charges:
	Interest Expense	$	110		$	96		$	112		$	110		$	194
	Portion of Rental Expense under operating leases deemed to be the equivalent of interest		122			132			145			170			191

Total Fixed Charges		$	232		$	228		$	257		$	280		$	385

Ratio of Earnings to Fixed Charges (2)			22.0	x		26.5	x		27.4	x		29.1	x		25.0	x

(1): Fiscal years 2005, 2004, 2003, 2002, and 2001 refer to the fiscal years ended January 29, 2006, January 30, 2005, February 1, 2004, February 2, 2003 and February 3, 2002, respectively. Fiscal year 2001 consisted of 53 weeks.
(2): For purposes of computing the ratios of earnings to fixed charges, "earnings" consist of earnings 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 one-third the portion of rental expense under operating leases, which is deemed to be the equivalent of interest. The ratios of earnings to fixed charges are calculated as follows:

(earnings before income taxes)+(fixed charges)-(capitalized interest)
(fixed charges)