EXHIBIT 12.1

HSN, Inc.

Computation of Ratio of Earnings to Fixed Charges

 

     Year Ended December 31,  
     2011      2010      2009      2008     2007  
     (unaudited)  
     (In thousands, except ratios)  

Income (loss) from continuing operations before income taxes

    $ 200,406       $ 163,564       $ 120,624       $ (3,118,251 )    $ 169,787   

Fixed charges:

              

Interest expense (a)

      32,022         33,124         35,373         16,420        —     

Estimated interest portion of rental expense

      8,217         8,151         8,283         8,382        9,669   
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total fixed charges

      40,239         41,275         43,656         24,802        9,669   

Income (loss) from continuing operations before income taxes and fixed charges

      240,645         204,839         164,280         (3,093,449 )      179,456   

Ratio of earnings to fixed charges

      5.98         4.96         3.8         (b )      18.56   

 

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 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.