EX-12.1 2 tif-exhibit121x4302015.htm EXHIBIT 12.1 TIF-Exhibit 12.1-4.30.2015


Exhibit 12.1

TIFFANY & CO.

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
Three months ended
April 30,
 
Year ended January 31,
(dollars in millions)
2015
2014
 
2015
2014
2013
2012
2011
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes
$
160.7

$
193.5

 
$
737.5

$
254.9

$
643.6

$
665.0

$
547.4

Fixed charges, less
capitalized interest
30.7

33.9

 
134.8

133.3

120.1

114.2

100.6

Total earnings as defined
$
191.4

$
227.4


$
872.3

$
388.2

$
763.7

$
779.2

$
648.0

 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
Interest expense before capitalization of interest a
$
11.6

$
15.4

 
$
58.9

$
59.6

$
55.1

$
43.3

$
48.3

Estimated interest portion
of rent expense
19.6

18.9

 
76.9

74.5

65.5

71.6

52.3

Total fixed charges b
$
31.2

$
34.3

 
$
135.8

$
134.1

$
120.6

$
114.9

$
100.6

 
 
 
 
 
 
 
 
 
Ratio of Earnings to
Fixed Charges
6.1
x
6.6
x
 
6.4
x
2.9
x
6.3
x
6.8
x
6.4
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.