Target 2011 Annual Report Download - page 94

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Exhibit 12
TARGET CORPORATION
Computations of Ratios of Earnings to Fixed Charges for each of the
Five Years in the Period Ended January 28, 2012
Ratio of Earnings to Fixed Charges Fiscal Year Ended
January 29, January 30, January 31, February 2,
January 28,
(millions) 2012 2011 2010 2009 2008
Earnings from continuing operations
before income taxes $4,456 $4,495 $3,872 $3,536 $4,625
Capitalized interest, net 52 (9) (48) (66)
Adjusted earnings from continuing
operations before income taxes 4,461 4,497 3,863 3,488 4,559
Fixed charges:
Interest expense (a) 797 776 830 956 747
Interest portion of rental expense 111 110 105 103 94
Total fixed charges 908 886 935 1,059 841
Earnings from continuing
operations before income taxes
and fixed charges $5,369 $5,383 $4,798 $4,547 $5,400
Ratio of earnings to fixed charges 5.91 6.08 5.13 4.29 6.42
(a) Includes interest on debt and capital leases (including capitalized interest) and amortization of debt issuance costs. Excludes interest
income and interest associated with unrecognized tax benefit liabilities, which is recorded within income tax expense.
70