AutoZone 2011 Annual Report Download - page 137
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Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
Fiscal Year Ended August
(in thousands, except ratios)
2011
(52 weeks)
2010
(52 weeks)
2009
(52 weeks)
2008
(53 weeks)
2007
(52 weeks)
Earnin
g
s:
Income before income taxes..................
.
$ 1,324,246 $ 1,160,505 $ 1,033,746 $ 1,007,389 $ 936,150
Fixed charges ........................................
.
240,329 223,608 204,017 173,311 170,852
Less: Capitalized interes
t
.....................
.
(1,059) (1,093) (1,301) (1,313) (1,376)
Adjusted earnings ..............................
.
$ 1,563,516 $ 1,383,020 $ 1,236,462 $ 1,179,387 $ 1,105,626
Fixed char
g
es:
Gross interest expense ...........................
.
$ 164,712 $ 156,135 $ 143,860 $ 120,006 $ 121,592
Amortization of debt expense ...............
.
8,962 6,495 3,644 1,837 1,719
Interest portion of rent expense .............
.
66,655 60,978 56,513 51,468 47,541
Fixed charges .....................................
.
$ 240,329 $ 223,608 $ 204,017 $ 173,311 $ 170,852
Ratio of earnin
g
s to fixed char
g
es .........
.
6.5 6.2 6.1 6.8 6.5
75
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