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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.