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Exhibit
12.1
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Lowe's Companies,
Inc.
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Statement
Re Computation of Ratio of Earnings to Fixed Charges
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In
Millions, Except Ratio Data
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Three
Months Ended
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Fiscal
Years Ended On
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April
30,
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May
1,
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January 29, |
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January 30, |
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February 1, |
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February 2, |
February
3,
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2010
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2009
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2010 |
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2009 |
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2008 |
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2007 |
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2006
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Earnings:
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Earnings
Before Income Taxes
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$
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786
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$
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760
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$
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2,825
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$
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3,506
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$
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4,511
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$
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4,998
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$
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4,496
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Add:
Fixed Charges
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119
|
117
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468
|
479
|
424
|
344
|
340
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Less:
Capitalized Interest (1)
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-
|
(4)
|
(19)
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(36)
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(65)
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(32)
|
(28)
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Adjusted
Earnings
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$
|
905
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$
|
873
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$
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3,274
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$
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3,949
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$
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4,870
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$
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5,310
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$
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4,808
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Fixed
Charges:
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Interest
Expense (2)
|
85
|
84
|
331
|
346
|
301
|
238
|
231
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Rental
Expense (3)
|
34
|
33
|
137
|
133
|
123
|
106
|
109
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Total
Fixed Charges
|
$
|
119
|
$
|
117
|
$
|
468
|
$
|
479
|
$
|
424
|
$
|
344
|
$
|
340
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Ratio
of Earnings to Fixed Charges
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7.6
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7.5
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7.0
|
8.2
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11.5
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15.4
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14.1
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(1)
Includes the net of interest capitalized and the amortization of
previously-capitalized interest.
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(2)
Interest accrued on uncertain tax positions is excluded from Interest
Expense in the computation of Fixed Charges.
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(3)
The portion of rental expense that is representative of the interest
factor in these rentals.
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