EX-12.1 2 exhibit121.htm EXHIBIT 12.1 - STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exhibit121.htm
Exhibit 12.1

Lowe’s Companies, Inc.
Statement Re Computation of Ratio of Earnings to Fixed Charges
In Millions, Except Ratio Data


 
Fiscal Years Ended On
 
January 30,
  
January 28,
  
February 3,
  
February 2,
  
February 1,
  
   
2004
  
2005
  
2006
  
2007
  
2008
  
Earnings:
                      
  Earnings Before Income Taxes
   $ 2,908   $ 3,520   $ 4,496   $ 4,998   $ 4,511  
  Add: Fixed Charges
     303     310     340     344     424  
  Less: Capitalized Interest
     (26 )   (28 )   (28 )   (32 )   (65 )
    Adjusted Earnings
   $ 3,185   $ 3,802   $ 4,808   $ 5,310   $ 4,870  
                                 
Fixed Charges:
                                
  Interest Expense (1)
   $ 224   $ 220   $ 231   $ 238   $ 301  
  Rental Expense (2)
     79     90     109     106     123  
    Total Fixed Charges
   $ 303   $ 310   $ 340   $ 344   $ 424  
                                 
                                 
Ratio of Earnings to Fixed Charges
     10.5     12.3     14.1     15.4     11.5  
                                 
                                 
(1) Interest accrued on uncertain tax positions as a result of the implementation of FIN 48 is excluded from Interest Expense in
  
    the computation of Fixed Charges.
                                
                                 
(2) The portion of rental expense that is representative of the interest factor in these rentals.