HOME DEPOT, INC. - FORM 10-Q - EX-12.1 - STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - December 3, 2009

Attached files

file filename
10-Q - FORM 10-Q - HOME DEPOT, INC.d10q.htm
EX-15.1 - ACKNOWLEDGEMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - HOME DEPOT, INC.dex151.htm
EX-31.1 - SECTION 302 CERTIFICATION, CEO - HOME DEPOT, INC.dex311.htm
EX-31.2 - SECTION 302 CERTIFICATION, CFO - HOME DEPOT, INC.dex312.htm
EX-32.1 - SECTION 906 CERTIFICATION, CEO - HOME DEPOT, INC.dex321.htm
EX-32.2 - SECTION 906 CERTIFICATION, CFO - HOME DEPOT, INC.dex322.htm

Exhibit 12.1

THE HOME DEPOT, INC. AND SUBSIDIARIES

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(amounts in millions, except ratio data)

 

     Fiscal Year (1)     Nine Months
Ended
November 1,
2009		  
     2004     2005     2006     2007     2008    

Earnings From Continuing Operations Before Income Taxes

    $ 7,790      $ 8,967      $ 8,502      $ 6,620      $ 3,590      $ 3,576   

Less: Capitalized Interest

      (40 )      (51 )      (47 )      (46 )      (20 )      (3 ) 

Add:

             

Portion of Rental Expense under operating leases deemed to be the equivalent of interest

      162        177        257        279        286        212   

Interest Expense

      109        192        437        741        644        518   
                                                

Adjusted Earnings

    $ 8,021      $ 9,285      $ 9,149      $ 7,594      $ 4,500      $ 4,303   
                                                

Fixed Charges:

             

Interest Expense

    $ 109      $ 192      $ 437      $ 741      $ 644      $ 518   

Portion of Rental Expense under operating leases deemed to be the equivalent of interest

      162        177        257        279        286        212   
                                                

Total Fixed Charges

    $ 271      $ 369      $ 694      $ 1,020      $ 930      $ 730   
                                                

Ratio of Earnings to Fixed Charges (2)

      29.6 x      25.2 x      13.2 x      7.4 x      4.8 x      5.9 x 

 

(1)

Fiscal years 2008, 2007, 2006, 2005 and 2004 refer to the fiscal years ended February 1, 2009, February 3, 2008, January 28, 2007, January 29, 2006 and January 30, 2005, respectively. Fiscal year 2007 includes 53 weeks; all other fiscal years reported include 52 weeks.

 

(2)

For purposes of computing the ratios of earnings to fixed charges, “earnings” consist of earnings from continuing operations before income taxes plus fixed charges, excluding capitalized interest. “Fixed charges” consist of interest incurred on indebtedness including capitalized interest, amortization of debt expenses and the portion of rental expense under operating leases deemed to be the equivalent of interest. The ratios of earnings to fixed charges are calculated as follows:

(earnings from continuing operations before income taxes)+(fixed charges)-(capitalized interest)

(fixed charges)

HOME DEPOT, INC. Reports