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10-Q - 10-Q - TIFFANY & COtif-2016430x10q.htm
EX-32 - EXHIBIT 32 - TIFFANY & COtif-exhibit32x4302016.htm
EX-31 - EXHIBIT 31 - TIFFANY & COtif-exhibit31x4302016.htm


Exhibit 12.1

TIFFANY & CO.

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
Three months ended
April 30,
(dollars in millions)
2016
 
2015
 
 
 
 
Earnings from continuing operations before income taxes
$
123.1

 
$
160.7

Fixed charges, less capitalized interest
31.4

 
30.7

Total earnings as defined
$
154.5

 
$
191.4

 
 
 
 
Fixed Charges:
 
 
 
Interest expense before capitalization of interest a
$
11.3

 
$
11.6

Estimated interest portion of rent expense
20.5

 
19.6

Total fixed charges b
$
31.8

 
$
31.2

 
 
 
 
Ratio of Earnings to Fixed Charges
4.9
x
 
6.1
x

a 
Interest expense does not include interest related to uncertain tax positions and other non-third party indebtedness.

b 
Fixed charges represent interest expense (before interest is capitalized), amortization of deferred financing costs and an appropriate interest factor on operating leases.