EX-12 3 lb131201510kex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Exhibit 12
L Brands, Inc.
Computation of Ratio of Earnings to Fixed Charges

| Fiscal Year Ended
| January 31, 2015 |  | February 1, 2014 |  | February 2, 2013 |  | January 28, 2012 |  | January 29, 2011
Earnings: | (in millions)
Income before income taxes, noncontrolling interest and cumulative effect of change in accounting principle | $ | 1,636 |  |  | $ | 1,446 |  |  | $ | 1,280 |  |  | $ | 1,226 |  |  | $ | 1,251 |
Fixed charges (excluding capitalized interest) | 440 |  |  | 429 |  |  | 426 |  |  | 354 |  |  | 329 |
Distributions from equity method investments, net of income or loss from equity investees | (4 | ) |  | 49 |  |  | 11 |  |  | — |  |  | (3 | )
Total earnings | $ | 2,072 |  |  | $ | 1,924 |  |  | $ | 1,717 |  |  | $ | 1,580 |  |  | $ | 1,577 |
Fixed charges: |  |  |  |  |  |  |  |  |
Portion of minimum rent representative of interest | $ | 119 |  |  | $ | 114 |  |  | $ | 107 |  |  | $ | 105 |  |  | $ | 118 |
Interest on indebtedness (including capitalized interest) | 324 |  |  | 314 |  |  | 317 |  |  | 246 |  |  | 208 |
Total fixed charges | $ | 443 |  |  | $ | 428 |  |  | $ | 424 |  |  | $ | 351 |  |  | $ | 326 |
Ratio of earnings to fixed charges | 4.7 |  |  | 4.5 |  |  | 4.1 |  |  | 4.5 |  |  | 4.8 |

For the purpose of calculating the ratios of earnings to fixed charges, we calculate earnings by adding fixed charges and distributions from equity method investees, net of income or losses from equity method investees, to pre-tax income from continuing operations before noncontrolling interests in consolidated subsidiaries and cumulative effect of changes in accounting principle. Fixed charges include total interest and a portion of rent expense, which we believe is representative of the interest factor of our rent expense. Interest associated with income tax liabilities is excluded from our calculation.