GameStop 2010 Annual Report Download - page 116
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Exhibit 12.1
GAMESTOP CORP.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Ended Ended Ended Ended Ended
January 29, January 30, January 31, February 2, February 3,
2011 2010 2009 2008 2007
(Dollars in millions)
Earnings:
Earnings before income taxes $ 621.4 $ 588.5 $ 634.0 $ 441.1 $ 254.3
Fixed charges 140.9 144.6 135.5 133.0 148.2
Adjusted earnings $ 762.3 $ 733.1 $ 769.5 $ 574.1 $ 402.5
Ratio of earnings to fixed charges 5.4 5.1 5.7 4.3 2.7
Fixed Charges:
Interest expense $ 36.2 $ 44.5 $ 49.4 $ 60.6 $ 83.7
Amortization of issue discount 0.8 0.9 1.0 0.9 0.9
Interest portion of net rental expense(1) 103.9 99.2 85.1 71.5 63.6
Total fixed charges $ 140.9 $ 144.6 $ 135.5 $ 133.0 $ 148.2
(1) The interest portion of net rental expense is estimated to be equal to 28% of the minimum rental expense for the period.