EX-12.1 7 d914195dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Harman International Industries, Inc. and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(In thousands, except ratios)

 

     For the
Nine
Months
ended
March 31,
     For the twelve months ended June 30,  
     2015      2014      2013      2012      2011      2010  

Earnings:

                 

Earnings from continuing operations before taxes

   $ 345,620       $ 307,395       $ 174,270       $ 261,153       $ 160,220       $ 49,077   

Less: (Income) loss from noncontrolling interest

     156         113         0         0         0         (5,289

Add: Fixed Charges

     27,967         27,225         31,723         41,290         47,482         47,656   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total (loss) earnings available for fixed charges

$ 373,743    $ 334,733    $ 205,993    $ 302,443    $ 207,702    $ 91,444   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Fixed Charges:

Interest expense, including amortization of debt costs

$ 9,267    $ 10,149    $ 15,285    $ 27,023    $ 32,483    $ 33,802   

Interest factor on rent (approximately 1/3 of rent expense)

  18,700      17,076      16,438      14,267      14,999      13,854   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed charges

$ 27,967    $ 27,225    $ 31,723   $ 41,290    $ 47,482    $ 47,656   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratio of earnings to fixed charges

  13.36      12.30      6.49      7.32      4.37      1.92   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

For purposes of calculating the ratio of earnings to fixed charges, earnings consist of earnings before income taxes and noncontrolling interests adjusted for undistributed income from equity investees, fixed charges and noncontrolling interests in pre-tax earnings of subsidiaries that have not incurred fixed charges. Fixed charges consist of interest expensed on indebtedness, amortization of debt expense and one-third of rental expense, which we deem to be a reasonable approximation of the interest portion of rental expense.