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 (1) (2)


EXHIBIT 12.1
HSN, Inc.
 
 
 
 
 
 
 
 
 
 
Computation of Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
 
 
 
(unaudited)
 
 
 
 
(In thousands, except ratios)
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
  
$
276,141

 
$
219,870

 
$
207,758

 
$
166,618

 
$
128,512

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense (a)
 
6,718

 
20,811

 
31,963

 
33,124

 
35,373

Estimated interest portion of rental expense
 
7,614

 
7,301

 
6,860

 
6,788

 
6,791

 
 
Total fixed charges
 
14,332

 
28,112

 
38,823

 
39,912

 
42,164

 
 
Income from continuing operations before income taxes and fixed charges
 
$
290,473

 
$
247,982

 
$
246,581

 
$
206,530

 
$
170,676

Ratio of earnings to fixed charges
 
20.3

 
8.8

 
6.4

 
5.2

 
4.0

 
 
 
 
 
 
 
 
 
 
 
 
 
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.