EX-12 11 exhibit12.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12
Exhibit 12


Ratio of Earnings to Fixed Charges

53 Weeks Ended
 
52 Weeks Ended
 
52 Weeks Ended
 
52 Weeks Ended
 
52 Weeks Ended
($ in millions except ratios)
February 2,
 2013

 
January 28,
2012
 
January 29,
2011
 
January 30,
2010
 
January 31,
2009
Earnings before income taxes and interest expense
$
1,948

 
$
1,443

 
$
1,974

 
$
1,822

 
$
1,585

Less: capitalized interest, net
(6)
 
(4)
 
—

 
—

 
(8)
Total fixed charges
675

 
644

 
534

 
537

 
536

Earnings for calculation
$
2,617

 
$
2,083

 
$
2,508

 
$
2,359

 
$
2,113

Fixed charges:
 
 
 
 
 
 
 
 
 
Gross interest incurred
$
87

 
$
74

 
$
(8
)
 
$
6

 
$
1

Interest portion of rent expense (1)
588

 
570

 
542

 
531

 
535

Total fixed charges
$
675

 
$
644

 
$
534

 
$
537

 
$
536

Ratio of earnings to fixed charges
3.9

 
3.2

 
4.7

 
4.4

 
3.9

__________
(1) The interest portion of rent expense is calculated as 48 percent of rent expense.