Exhibit
12.1
Lowe’s
Companies, Inc.
Statement
Re Computation of Ratio of Earnings to Fixed Charges
In
Millions, Except Ratio Data
|
Fiscal
Years Ended On
|
Six
Months Ended
|
||||||||||||||||||||
|
January
30,
|
January
28,
|
February
3,
|
February
2,
|
February
1,
|
August
3,
|
August
1,
|
|||||||||||||||
|
2004
|
2005
|
2006
|
2007
|
2008
|
2007
|
2008
|
|||||||||||||||
|
Earnings:
|
|||||||||||||||||||||
|
Earnings
Before Income Taxes
|
$ |
2,908
|
$ |
3,520
|
$
|
4,496
|
$ |
4,998
|
$
|
4,511
|
$ |
2,828
|
$ |
2,470
|
|||||||
|
Add:
Fixed Charges
|
303
|
310
|
340
|
344
|
424
|
192
|
245
|
||||||||||||||
|
Less:
Capitalized Interest
|
(26)
|
(28)
|
(28)
|
(32)
|
(65)
|
(8)
|
(15)
|
||||||||||||||
|
Adjusted
Earnings
|
$ |
3,185
|
$
|
3,802
|
$ |
4,808
|
$
|
5,310
|
$ |
4,870
|
$ |
3,012
|
$ |
2,700
|
|||||||
|
Fixed
Charges:
|
|||||||||||||||||||||
|
Interest
Expense(1)
|
$ |
224
|
$ |
220
|
$ |
231
|
$
|
238
|
$ |
301
|
$ |
133
|
$ |
178
|
|||||||
|
Rental
Expense(2)
|
79
|
90
|
109
|
106
|
123
|
59
|
67
|
||||||||||||||
|
Total
Fixed Charges
|
$ |
303
|
$ |
310
|
$ |
340
|
$ |
344
|
$ |
424
|
$ |
192
|
$ |
245
|
|||||||
|
Ratio
of Earnings to Fixed Charges
|
|
10.5
|
12.3
|
14.1
|
15.4
|
11.5
|
15.7
|
11.0
|
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(1)
Interest accrued on uncertain tax positions is excluded from Interest Expense in
the computation of Fixed Charges.
(2) The
portion of rental expense that is representative of the interest factor in these
rentals.