EX-12.1 2 hbi-20150103exx121.htm RATIO OF EARNINGS TO FIXED CHARGES HBI-2015.01.03 EX-12.1


Exhibit 12.1
HANESBRANDS INC.
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
(Unaudited)
 
Years Ended
 
January 3,
2015
 
December 28,
2013
 
December 29,
2012
 
December 31,
2011
 
January 1,
2011
Earnings, as defined:
 
 
 
 
 
 
 
 
 
Income from continuing operations before income tax expense, noncontrolling interest and income/loss from equity investees
$
464,836

 
$
395,866

 
$
263,606

 
$
284,822

 
$
211,304

Fixed charges
129,034

 
129,034

 
163,475

 
183,030

 
174,045

Amortization of capitalized interest
2,719

 
2,754

 
2,842

 
3,252

 
3,824

Interest capitalized
(1,355
)
 
(930
)
 
(1,155
)
 
(2,043
)
 
(2,190
)
Noncontrolling interest in pre-tax income

 

 

 

 
(1,019
)
Total earnings, as defined
$
595,234

 
$
526,724

 
$
428,768

 
$
469,061

 
$
385,964

 
 
 
 
 
 
 
 
 
 
Fixed charges, as defined:
 
 
 
 
 
 
 
 
 
Interest expense
$
93,080

 
$
97,054

 
$
130,094

 
$
148,759

 
$
139,827

Amortized premiums, discounts and capitalized expenses related to indebtedness
6,011

 
6,921

 
9,168

 
10,367

 
12,739

Interest factor in rental expenses
29,886

 
25,059

 
24,213

 
23,904

 
21,479

Total fixed charges, as defined
$
128,977

 
$
129,034

 
$
163,475

 
$
183,030

 
$
174,045

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
4.62

 
4.08

 
2.62

 
2.56

 
2.22

Note:
The Ratio of Earnings to Fixed Charges should be read in conjunction with our consolidated financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations incorporated by reference in this Form 10-K. The interest expense included in the fixed charges calculation above excludes interest expense relating to the Company's uncertain tax positions. The interest factor in rental expenses is calculated as one-third of rent expense.