EX-12.1 4 exhibit121computationofrat.htm EXHIBIT COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1 Computation of Ratio of Earnings to Fixed Charges


EXHIBIT 12.1
HSN, Inc.
 
 
 
 
 
 
 
 
 
 
Computation of Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
 
 
2012
 
2011
 
2010
 
2009
 
2008
 
 
 
 
(unaudited)
 
 
 
 
(In thousands, except ratios)
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
  
219,870

 
207,758

 
166,618

 
128,511.5

 
(3,073,590
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense (a)
 
20,811

 
31,963

 
33,124

 
35,373

 
16,420

Estimated interest portion of rental expense
 
7,301

 
6,860

 
6,788

 
6,791

 
7,012

 
 
Total fixed charges
 
28,112

 
38,823

 
39,912

 
42,164

 
23,432

 
 
Income (loss) from continuing operations before income taxes and fixed charges
 
247,982

 
246,581

 
206,530

 
170,676

 
(3,050,158
)
Ratio of earnings to fixed charges
 
8.8

 
6.4

 
5.2

 
4.0

 
 (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
Note:
The Ratio of Earnings to Fixed Charges should be read in conjunction with the Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations in this Form 10-K.
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
 
Includes interest on debt and amortization of debt issuance costs. Excludes interest income and interest associated with unrecognized tax benefits, which is recorded within income tax expense.
 
 
 
 
 
 
 
 
 
 
 
 
 
(b)
 
Income for the year ended December 31, 2008 was inadequate to cover fixed charges. Additional income of $3.1 billion would have been necessary to bring the respective ratio to 1.0.