EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
_____________
(1) Earnings represent income from continuing operations before provision for
income taxes.
(2) Includes amortization of debt expense and capitalized interest.
(3) Includes provision for merger and restructuring expenses of $120,000 pre-
tax ($80,000 or $.36 per share, after tax), related to the merger of The
Price Company and Costco Wholesale Corporation in October 1993. If such
provision for merger and restructuring expenses were excluded, income from
continuing operations before provision for income taxes for fiscal 1994 and
for the twenty-four weeks ended February 13, 1994 would have been $323,555
and $174,179, respectively.
(4) If the $120,000 pre-tax provision for merger and restructuring expenses
were excluded, the ratio of earnings to fixed charges for fiscal 1994 and
the twenty-four weeks ended February 12, 1995 would be 4.7 and 6.0,
respectively.