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. | |||||||||||||||||||||