Home Shopping Network 2015 Annual Report Download - page 94

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EXHIBIT 12.1
HSN, Inc.
Computation of Ratio of Earnings to Fixed Charges (unaudited)
(In thousands, except ratios)
Year Ended December 31,
2015 2014 2013 2012 2011
Income from continuing operations before income taxes. . $ 268,854 $ 277,527 $ 276,141 $ 219,870 $ 207,758
Fixed charges:
Interest expense (a) . . . . . . . . . . . . . . . . . . . . . . . . . 15,316 7,266 6,718 20,811 31,963
Estimated interest portion of rental expense. . . . . . 8,932 8,269 7,614 7,301 6,860
Total fixed charges. . . . . . . . . . . . . . . . . . . . . . . 24,248 15,535 14,332 28,112 38,823
Income from continuing operations before
income taxes and fixed charges . . . . . . . . . . . $ 293,102 $ 293,062 $ 290,473 $ 247,982 $ 246,581
Ratio of earnings to fixed charges . . . . . . . . . . . . . . . . . . . 12.1 18.9 20.3 8.8 6.4
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.