EX-12.1 2 tif-exhibit121x7312016.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

TIFFANY & CO.

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
Six months ended
July 31,
(dollars in millions)
2016
 
2015
 
 
 
 
Earnings from continuing operations before income taxes
$
284.7

 
$
319.9

Fixed charges, less capitalized interest
62.7

 
61.3

Total earnings as defined
$
347.4

 
$
381.2

 
 
 
 
Fixed Charges:
 
 
 
Interest expense before capitalization of interest a
$
22.7

 
$
23.0

Estimated interest portion of rent expense
41.0

 
39.4

Total fixed charges b
$
63.7

 
$
62.4

 
 
 
 
Ratio of Earnings to Fixed Charges
5.5
x
 
6.1
x

a 
Interest expense does not include interest related to uncertain tax positions and other non-third party indebtedness.

b 
Fixed charges represent interest expense (before interest is capitalized), amortization of deferred financing costs and an appropriate interest factor on operating leases.