Home Shopping Network 2008 Annual Report Download - page 85

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Exhibit 12.1
HSN, Inc.
Computation of Ratio of Earnings to Fixed Charges
2008 2007 2006 2005 2004
$ (3,118,251) $ 169,787 $ 212,742 193,387$ 132,309$
Fixed charges:
Interest expense (a)
16,420
-
-
992 -
Estimated interest portion of rental expense
8,382
9,669
9,471
8,283
3,494
Total fixed charges
24,802 9,669 9,471 9,275 3,494
(Loss) income from continuing operations
before income taxes and fixed charges (3,093,449) 179,456 222,213 202,662 135,803
Ratio of earnings to fixed charges (b) 18.56 23.46 21.85 38.87
Note:
(a) Includes interest on debt and amortization of debt issuance costs. Excludes interest income and interest
associated with unrecognized tax benefit liabilities, 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.
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.
Year Ended December 31,
(In thousands, except ratios)
(Loss) income from continuing operations before
income taxes
(unaudited)