Dell 2011 Annual Report Download - page 124

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EXHIBIT 12.1
DELL INC.
RATIO OF EARNINGS TO FIXED CHARGES
Fiscal Year Ended
February 3, 2012 January 28, 2011 January 29, 2010 January 30,
2009 February 1,
2008
(in millions, except ratios)
Earnings
Pre-tax income from continuing operations $ 4,240 $ 3,350 $ 2,024 $ 3,324 $ 3,827
Add: Fixed Charges adjusted for capitalized interest 315 228 191 132 84
Add: Noncontrolling interest 29
Total $ 4,555 $ 3,578 $ 2,215 $ 3,456 $ 3,940
Fixed Charges(a)
Interest Expense $ 279 $ 199 $ 160 $ 93 $ 45
Capitalized interest
Estimate of interest in rent expense 36 29 31 39 39
Total $ 315 $ 228 $ 191 $ 132 $ 84
Ratio of Earnings to Fixed Charges 14 16 12 26 47
____________________________
(a) Fixed charges included in the calculation of this ratio consist of: (i) interest expensed, plus (ii) interest capitalized (when applicable), plus (iii) a reasonable estimation of the interest
factor included in rental expense.