EX-12.1 2 c93404exv12w1.htm EX.12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EX.12.1 RATIO OF EARNINGS TO FIXED CHARGES
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(unaudited)
(in thousands, except ratios)
                 
    Twelve Weeks Ended  
    November 21,     November 22,  
    2009     2008  
Earnings:
               
Income before income taxes
  $ 224,088     $ 207,373  
Fixed charges
    51,128       45,066  
Less: Capitalized interest
    (241 )     (172 )
 
           
Adjusted earnings
  $ 274,975     $ 252,267  
 
           
 
               
Fixed charges:
               
Gross interest expense
  $ 35,800     $ 31,920  
Amortization of debt expense
    1,489       620  
Interest portion of rent expense
    13,839       12,526  
 
           
Total fixed charges
  $ 51,128     $ 45,066  
 
           
Ratio of earnings to fixed charges
    5.4       5.6  
 
           
                                         
    Fiscal Year Ended August  
    2009     2008     2007     2006     2005  
    (52 weeks)     (53 weeks)     (52 weeks)     (52 weeks)     (52 weeks)  
Earnings:
                                       
Income before income taxes
  $ 1,033,746     $ 1,007,389     $ 936,150     $ 902,036     $ 873,221  
Fixed charges
    204,017       173,311       170,852       156,976       144,930  
Less: Capitalized interest
    (1,301 )     (1,313 )     (1,376 )     (1,985 )     (1,079 )
 
                             
Adjusted earnings
  $ 1,236,462     $ 1,179,387     $ 1,105,626     $ 1,057,027     $ 1,017,072  
 
                             
 
                                       
Fixed charges:
                                       
Gross interest expense
  $ 143,860     $ 120,006     $ 121,592     $ 110,568     $ 102,341  
Amortization of debt expense
    3,644       1,837       1,719       1,559       2,343  
Interest portion of rent expense
    56,513       51,468       47,541       44,849       40,246  
 
                             
Total fixed charges
  $ 204,017     $ 173,311     $ 170,852     $ 156,976     $ 144,930  
 
                             
Ratio of earnings to fixed charges
    6.1       6.8       6.5       6.7       7.0