Exhibit 12
Staples, Inc.
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
|
|
|
Nine Months Ended |
|
Fiscal Year Ended |
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|
|
November 1, |
|
February 2, |
|
February 3, |
|
January 28, |
|
January 29, |
|
January 31, |
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|
|
|
2008 |
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
2004 |
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Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Income before income taxes and minority interests |
|
$ |
888,665 |
|
$ |
1,554,482 |
|
$ |
1,471,328 |
|
$ |
1,235,299 |
|
$ |
1,046,575 |
|
$ |
714,619 |
|
|
Interest portion of rental expense |
|
167,046 |
|
193,850 |
|
183,854 |
|
169,825 |
|
157,187 |
|
143,992 |
|
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|
Interest expense, net of capitalized interest |
|
88,348 |
|
38,335 |
|
47,810 |
|
56,774 |
|
39,888 |
|
31,575 |
|
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|
Capitalized interest |
|
— |
|
— |
|
188 |
|
— |
|
— |
|
63 |
|
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|
Pre tax earnings (losses) from equity method investees |
|
(879 |
) |
(192 |
) |
— |
|
7 |
|
95 |
|
|
|
||||||
|
Less: capitalized interest |
|
— |
|
— |
|
(188 |
) |
— |
|
— |
|
(63 |
) |
||||||
|
Less: minority interests |
|
(5,859 |
) |
802 |
|
321 |
|
(298 |
) |
— |
|
— |
|
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|
Earnings |
|
$ |
1,137,321 |
|
$ |
1,787,277 |
|
$ |
1,703,313 |
|
$ |
1,461,607 |
|
$ |
1,243,745 |
|
$ |
890,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Interest portion of rental expense |
|
$ |
167,046 |
|
$ |
193,850 |
|
$ |
183,854 |
|
$ |
169,825 |
|
$ |
157,187 |
|
$ |
143,992 |
|
|
Interest expense, net of capitalized interest |
|
88,348 |
|
38,335 |
|
47,810 |
|
56,774 |
|
39,888 |
|
31,575 |
|
||||||
|
Capitalized interest |
|
— |
|
— |
|
188 |
|
— |
|
— |
|
63 |
|
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|
Fixed charges |
|
$ |
255,394 |
|
$ |
232,185 |
|
$ |
231,852 |
|
$ |
226,599 |
|
$ |
197,075 |
|
$ |
175,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Ratio of earnings to fixed charges |
|
4.45 |
|
7.70 |
|
7.35 |
|
6.45 |
|
6.31 |
|
5.07 |
|
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