Statement of Computation of Ratio of Earnings to Fixed Charges

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Home Depot 10-Q 2011

Documents found in this filing:

Statement of Computation of Ratio of Earnings to Fixed Charges

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⁾
	Six Months Ended July 31, 2011			2010			2009			2008			2007			2006
Earnings From Continuing Operations Before Income Taxes	$	3,431		$	5,273		$	3,982		$	3,590		$	6,620		$	8,502

Less: Capitalized Interest		(1	)		(3	)		(4	)		(20	)		(46	)		(47	)
Add:
Portion of Rental Expense under operating leases deemed to be the equivalent of interest		142			278			277			286			279			257
Interest Expense		291			533			680			644			741			437

Adjusted Earnings	$	3,863		$	6,081		$	4,935		$	4,500		$	7,594		$	9,149


Fixed Charges:
Interest Expense	$	291		$	533		$	680		$	644		$	741		$	437
Portion of Rental Expense under operating leases deemed to be the equivalent of interest		142			278			277			286			279			257

Total Fixed Charges	$	433		$	811		$	957		$	930		$	1,020		$	694


Ratio of Earnings to Fixed Charges ⁽²⁾		8.9x			7.5x			5.2x			4.8x			7.4x			13.2x

⁽¹⁾

Fiscal years 2010, 2009, 2008, 2007 and 2006 refer to the fiscal years ended January 30, 2011, January 31, 2010, February 1, 2009, February 3, 2008 and January 28, 2007, 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)

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Home Depot (HD)

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