Kohl's 2010 Annual Report Download - page 69

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Exhibit 12.1
Kohl’s Corporation
Ratio of Earnings to Fixed Charges
(Dollars in Millions)
2010 2009 2008
Earnings
Income before income taxes $1,782 $1,588 $1,425
Fixed Charges 502 462 408
Less: interest capitalized during period (6) (5) (8)
$2,278 $ 2,045 $1,825
Fixed Charges
Interest (expensed or capitalized) $147 $ 139 $140
Portion of rent expense representative of interest 354 322 267
Amortization of deferred financing fees 1 1 1
$502 $ 462 $408
Ratio of earnings to fixed charges 4.5 4.4 4.5