Home Shopping Network 2013 Annual Report Download - page 77

Download and view the complete annual report

Please find page 77 of the 2013 Home Shopping Network annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 84

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84

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.