AutoZone 2012 Annual Report Download - page 134
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74
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
Fiscal Year Ended August
(in thousands, except ratios)
2012
(52 weeks)
2011
(52 weeks)
2010
(52 weeks)
2009
(52 weeks)
2008
(53 weeks)
Earnin
g
s:
Income before income taxes ..................
.
$ 1,452,986 $ 1,324,246 $ 1,160,505 $ 1,033,746 $ 1,007,389
Fixed charges ........................................
.
250,056 240,329 223,608 204,017 173,311
Less: Capitalized interes
t
.....................
.
(1,245) (1,059) (1,093) (1,301) (1,313)
Ad
j
usted earnin
g
s ..............................
.
$ 1,701,797 $ 1,563,516 $ 1,383,020 $ 1,236,462 $ 1,179,387
Fixed char
g
es:
Gross interest expense ...........................
.
$ 170,481 $ 164,712 $ 156,135 $ 143,860 $ 120,006
Amortization of debt expense ...............
.
8,066 8,962 6,495 3,644 1,837
Interest portion of rent expense .............
.
71,509 66,655 60,978 56,513 51,468
Fixed char
g
es .....................................
.
$250,056$240,329$223,608$204,017 $ 173,311
Ratio of earnings to fixed charges .........
.
6.8 6.5 6.2 6.1 6.8
10-K