Dell 2008 Annual Report Download - page 182

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EXHIBIT 12.1
DELL INC.
RATIO OF EARNINGS TO FIXED CHARGES
Fiscal Year Ended
January 30, February 1, February 2, February 3, January 28,
2009 2008 2007 2006 2005
(in millions, except ratio)
Earnings: (a)
Pre-tax income from continuing operations $ 3,324 $ 3,827 $ 3,345 $ 4,608 $ 4,403
Add: fixed charges adjusted for capitalized interest 132 84 71 52 35
Add: minority interest - 29 23 27 17
Total earnings $ 3,456 $ 3,940 $ 3,439 $ 4,687 $ 4,455
Fixed Charges: (b)
Interest expense $ 93 $ 45 $ 45 $ 29 $ 15
Capitalized interest - - - - -
Estimate of interest in rent expense 39 39 26 23 20
Total fixed charges $ 132 $ 84 $ 71 $ 52 $ 35
Ratio of Earnings to Fixed Charges 26 47 49 90 128
(a) Earnings mean the amounts resulting from the following: (i) our pre-tax income from continuing operations, plus (ii) our fixed charges adjusted
for capitalized interest but including amortization of capitalized interest, plus (iii) our minority interests in the income of subsidiaries.
(b) Fixed charges mean the amounts resulting from the following: (i) our interest expensed, plus (ii) our interest capitalized, plus (iii) a reasonable
estimation of the interest factor included in rental expense.