EXHIBIT 12.1
COSTCO WHOLESALE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
(1) Earnings represent income from continuing operations before provision
for income taxes and cumulative effect of accounting change.
(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 would have been $323,555.
(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
would have been 4.7.
(5) Includes the effect of adopting SFAS No. 121, a $65,000 pre-tax charge
for asset impairment. If such provision were excluded, income from
continuing operations before provision for income taxes for fiscal 1997
would have been $585,329.
(6) If the $65,000 pre-tax provision for asset impairment were excluded,
the ratio of earnings to fixed charges would have been 6.2.