SEARS HOLDINGS CORP - FORM 10-K - EX-12 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - March 16, 2016

Attached files

file filename
EX-10.43 - LETTER FROM REGISTRANT TO LEENA MUNJAL - SEARS HOLDINGS CORPshldex1043201510k.htm
EX-10.36 - FORM OF CASH RIGHT - SEARS HOLDINGS CORPshldex1036201510k.htm
10-K - 10-K - SEARS HOLDINGS CORPshld201510k.htm
EX-21 - SUBSIDIARIES OF REGISTRANT - SEARS HOLDINGS CORPshldex21201510k.htm
EX-23 - CONSENT OF DELOITTE & TOUCHE LLP - SEARS HOLDINGS CORPshldex23201510k.htm
EX-32.1 - SECTION 906 CERTIFICATION OF CEO - SEARS HOLDINGS CORPshldex321201510k.htm
EX-31.1 - SECTION 302 CERTIFICATIONS OF CEO - SEARS HOLDINGS CORPshldex311201510k.htm
EX-31.2 - SECTION 302 CERTIFICATIONS OF CFO - SEARS HOLDINGS CORPshldex312201510k.htm
EX-32.2 - SECTION 906 CERTIFICATION OF CFO - SEARS HOLDINGS CORPshldex322201510k.htm
EX-10.42 - LETTER FROM REGISTRANT TO GIRISH LAKSHMAN - SEARS HOLDINGS CORPshldex1042201510k.htm


Exhibit 12
COMPUTATION OF RATIO OF INCOME TO COMBINED FIXED CHARGES
SEARS HOLDINGS CORPORATION AND CONSOLIDATED SUBSIDIARIES
 
 
 
Year Ended
(millions, except ratios)
 
2015
 
2014
 
2013
 
2012
 
2011
Fixed Charges
 
 
 
 
 
 
 
 
 
 
Interest and amortization of debt discount and expense on all indebtedness
 

$289

 

$276

 

$214

 

$216

 

$225

Add interest element implicit in rentals
 
240

 
241

 
259

 
280

 
285

 
 
529

 
517

 
473

 
496

 
510

Interest capitalized
 
2

 
2

 
2

 
1

 
1

Total fixed charges
 

$531

 

$519

 

$475

 

$497

 

$511

Income
 
 
 
 
 
 
 
 
 
 
Income before income taxes, noncontrolling interest, and extraordinary loss
 

($1,385
)
 

($1,685
)
 

($972
)
 

($1,010
)
 

($1,751
)
Deduct undistributed net income of unconsolidated companies
 
—

 
37

 
185

 
47

 
27

 
 
(1,385
)
 
(1,722
)
 
(1,157
)
 
(1,057
)
 
(1,778
)
Add
 
 
 
 
 
 
 
 
 
 
Fixed charges (excluding interest capitalized)
 
529

 
517

 
473

 
496

 
510

Income before fixed charges and income taxes
 

($856
)
 

($1,205
)
 

($684
)
 

($561
)
 

($1,268
)
Ratio of income to fixed charges
 
(1.61
)
 
(2.32
)
 
(1.44
)
 
(1.13
)
 
(2.48
)



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