Exhibit 12.1
The Home Depot, Inc. and Subsidiaries
Ratio of Earnings to Fixed Charges
($ in thousands, except ratio data)
| Fiscal Year (1) | ||||||||||||||||||||
| 2000 | 2001 | 2002 | 2003 | 2004 | ||||||||||||||||
Earnings Before Income Taxes |
$ | 4,217,483 | $ | 4,957,010 | $ | 5,872,439 | $ | 6,842,786 | $ | 7,912,194 | ||||||||||
Less: Capitalized Interest |
(72,599 | ) | (84,326 | ) | (59,375 | ) | (49,654 | ) | (40,187 | ) | ||||||||||
Add: |
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Minority Interest Income |
(2,105 | ) | — | — | — | — | ||||||||||||||
Portion of Rental Expense under
operating leases deemed to be
the equivalent of interest |
111,889 | 122,567 | 132,291 | 145,286 | 169,980 | |||||||||||||||
Interest Expense |
90,576 | 109,971 | 95,486 | 111,930 | 109,815 | |||||||||||||||
Adjusted Earnings |
$ | 4,345,244 | $ | 5,105,222 | $ | 6,040,841 | $ | 7,050,348 | $ | 8,151,802 | ||||||||||
Fixed Charges: |
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Interest Expense |
$ | 90,576 | $ | 109,971 | $ | 95,486 | $ | 111,930 | $ | 109,815 | ||||||||||
Portion of Rental Expense under
operating leases deemed to be
the equivalent of interest |
111,889 | 122,567 | 132,291 | 145,286 | 169,980 | |||||||||||||||
Total Fixed Charges |
$ | 202,465 | $ | 232,538 | $ | 227,777 | $ | 257,216 | $ | 279,795 | ||||||||||
Ratio of Earnings to Fixed Charges (2) |
21.5 | x | 22.0 | x | 26.5 | x | 27.4 | x | 29.1 | x | ||||||||||
| (1) | Fiscal years 2004, 2003, 2002, 2001 and 2000 refer to the fiscal years ended January 30, 2005, February 1, 2004, February 2, 2003, February 3, 2002 and January 28, 2001, respectively. Fiscal year 2001 consisted of 53 weeks. | |
| (2) | For purposes of computing the ratios of earnings to fixed charges, “earnings” consist of earnings before income taxes and minority interest plus fixed charges, excluding capitalized interest. “Fixed charges” consist of interest incurred on indebtedness, amortization of debt expense and the portion of rental expense under operating leases deemed to be the equivalent of interest. |