EX-12 3 h65777exv12.htm EX-12 exv12
Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                                 
    26 Weeks Ended        
    Decmeber 27,     Fiscal Year  
(dollars in thousands)   2008     June 28, 2008     June 30, 2007(1)     July 1, 2006(1)(2)     July 2, 2005(1)     July 3, 2004(1)(3)  
 
                                               
Earnings before income taxes
  $ 879,842     $ 1,791,338     $ 1,621,215     $ 1,394,946     $ 1,525,436     $ 1,475,144  
Add: Fixed charges
    65,698       142,175       132,498       137,126       102,494       99,086  
Subtract: Capitalized interest
    888       6,805       3,955       2,853       4,316       7,495  
 
                                   
Total
  $ 944,652     $ 1,926,708     $ 1,749,758     $ 1,529,219     $ 1,623,614     $ 1,566,735  
 
                                   
 
                                               
Fixed Charges:
                                               
Interest expense
  $ 54,810     $ 111,541     $ 105,002     $ 109,100     $ 75,000     $ 69,880  
Capitalized interest
    888       6,805       3,955       2,853       4,316       7,495  
Rent expense interest factor
    10,000       23,829       23,541       25,173       23,178       21,711  
 
                                   
Total
  $ 65,698     $ 142,175     $ 132,498     $ 137,126     $ 102,494     $ 99,086  
 
                                   
 
                                               
Ratio of earnings to fixed charges
    14.4       13.6       13.2       11.2       15.8       15.8  
 
(1)   The ratios shown in this table are not comparable to ratios disclosed in previous filings with the Securities and Exchange Commission due to a change in our method of estimating the interest portion of rents, one of the inputs used in deriving the ratio of earnings to fixed charges.
 
(2)   We adopted the provisions of SFAS 123(R), “Share-Based Payment” effective at the beginning of fiscal 2006. As a result, the results of operations include incremental share-based compensation cost over what would have been recorded had we continued to account for share-based compensation under APB No. 25, “Accounting for Stock Issued to Employees.”
 
(3)   The fiscal year ended July 3, 2004 was a 53-week year.