Kohl's 2011 Annual Report Download - page 71

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Exhibit 12.1
Kohl’s Corporation
Ratio of Earnings to Fixed Charges
(Dollars in Millions)
2011 2010 2009
Earnings
Income before income taxes ............................... $1,859 $1,788 $1,558
Fixed charges .......................................... 482 489 479
Less: interest capitalized during period ...................... (6) (6) (5)
$2,335 $2,271 $2,032
Fixed Charges
Interest (expensed or capitalized) ........................... $ 309 $ 319 $ 316
Portion of rent expense representative of interest .............. 172 170 163
Amortization of deferred financing fees ..................... 1——
$ 482 $ 489 $ 479
Ratio of earnings to fixed charges ............................. 4.8 4.6 4.2