EX-12 3 exhibit12toforms-3.htm EXHIBIT 12 Exhibit 12 to Form S-3


Exhibit 12

Staples, Inc.
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended
 
January 31,
 
January 29,
 
January 30,
 
January 31,
 
February 2,
 
2012
 
2011
 
2010
 
2009
 
2008
Earnings:
 
 
 
 
 
 
 
 
 
Consolidated income before income taxes
$
1,459,141

 
$
1,356,595

 
$
1,155,894

 
$
1,243,084

 
$
1,554,482

Interest portion of rental expense
251,878

 
248,810

 
250,302

 
228,318

 
199,562

Interest expense, net of capitalized interest
173,751

 
214,824

 
237,025

 
149,774

 
38,335

Capitalized interest
—

 
—

 
—

 
—

 
—

Pre tax earnings (losses) from equity method investees
3,626

 
1,972

 
1,373

 
1,013

 
192

Less: capitalized interest
—

 
—

 
—

 
—

 
—

Less: minority interests
—

 
—

 
—

 
—

 
—

Earnings
$
1,888,396

 
$
1,822,201

 
$
1,644,594

 
$
1,622,189

 
$
1,792,571

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest portion of rental expense
$
251,878

 
$
248,810

 
$
250,302

 
$
228,318

 
$
199,562

Interest expense, net of capitalized interest
173,751

 
214,824

 
237,025

 
149,774

 
38,335

Capitalized interest
—

 
—

 
—

 
—

 
—

Fixed charges
$
425,629

 
$
463,634

 
$
487,327

 
$
378,092

 
$
237,897

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
4.44

 
3.93

 
3.37

 
4.29

 
7.54