AutoZone 2010 Annual Report Download - page 162

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Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
(in thousands, except ratios)
2010
(52 weeks)
2009
(52 weeks)
2008
(53 weeks)
2007
(52 weeks)
2006
(52 weeks)
Fiscal Year Ended August
Earnings:
Income before income taxes ............. $1,160,505 $1,033,746 $1,007,389 $ 936,150 $ 902,036
Fixed charges ..................................... 223,608 204,017 173,311 170,852 156,976
Less: Capitalized interest .................. (1,093) (1,301) (1,313) (1,376) (1,985)
Adjusted earnings .......................... $1,383,020 $1,236,462 $1,179,387 $1,105,626 $1,057,027
Fixed charges:
Gross interest expense ....................... $ 156,135 $ 143,860 $ 120,006 $ 121,592 $ 110,568
Amortization of debt expense ........... 6,495 3,644 1,837 1,719 1,559
Interest portion of rent expense ........ 60,978 56,513 51,468 47,541 44,849
Fixed charges ................................. $ 223,608 $ 204,017 $ 173,311 $ 170,852 $ 156,976
Ratio of earnings to fixed charges.... 6.2 6.1 6.8 6.5 6.7
72
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