Attached files

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EX-31.1 - SECTION 302 CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER - GAP INCfy201510-kexhibit311.htm
EX-32.2 - SECTION 1350 CERTIFICATION OF THE CHIEF FINANCIAL OFFICER - GAP INCfy201510-kexhibit322.htm
EX-31.2 - SECTION 302 CERTIFICATION OF THE CHIEF FINANCIAL OFFICER - GAP INCfy201510-kexhibit312.htm
EX-23 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - GAP INCexhibit23fy15.htm
EX-21 - SUBSIDIARIES OF REGISTRANT - GAP INCexhibit21subsidiarylist.htm
EX-10.86 - AGREEMENT WITH PAUL CHAPMAN - GAP INCexhibit1086chapmanletter.htm
EX-10.79 - FORM OF DIRECTOR STOCK UNIT AGREEMENT AND STOCK UNIT DEFERRAL ELECTION FORM - GAP INCexhibit1079formofdirectors.htm
EX-10.69 - FORM OF PERFORMANCE SHARE AGREEMENT - GAP INCexhibit1069formofperforman.htm
EX-10.60 - FORM OF NON-QUALIFIED STOCK OPTION AGREEMENT - GAP INCexhibit1060formofthenon-qu.htm
EX-10.16 - SYNCHRONY AGREEMENT - GAP INCexhibit1016synchronyagreem.htm
EX-10.75 - FORM OF RESTRICTED STOCK UNIT AWARD AGREEMENT - GAP INCexhibit1075formofrestricte.htm
EX-10.24 - DEFERRED COMPENSATION PLAN - GAP INCexhibit1024deferredcompens.htm
10-K - 10-K - GAP INCfy201510-k.htm
EX-32.1 - SECTION 1350 CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER - GAP INCfy201510-kexhibit321.htm
Exhibit 12


Ratio of Earnings to Fixed Charges
 
Fiscal Year (number of weeks)
($ in millions except ratios)
2015 (52)
 
2014 (52)
 
2013 (52)
 
2012 (53)
 
2011 (52)
Earnings before income taxes and interest expense
$
1,530

 
$
2,088

 
$
2,154

 
$
1,948

 
$
1,443

Less: capitalized interest, net
(8
)
 
(7
)
 
(8
)
 
(6
)
 
(4
)
Total fixed charges
533

 
551

 
522

 
675

 
644

Earnings for calculation
$
2,055

 
$
2,632

 
$
2,668

 
$
2,617

 
$
2,083

Fixed charges:
 
 
 
 
 
 
 
 
 
Gross interest incurred
$
59

 
$
75

 
$
61

 
$
87

 
$
74

Interest portion of rent expense (1)
474

 
476

 
461

 
588

 
570

Total fixed charges
$
533

 
$
551

 
$
522

 
$
675

 
$
644

Ratio of earnings to fixed charges
3.9

 
4.8

 
5.1

 
3.9

 
3.2

__________
(1) The interest portion of rent expense for fiscal 2015, 2014 and 2013 was calculated as 36 percent of rent expense. For all other periods presented, the interest portion of rent expense was calculated as 48 percent of rent expense.