Sandisk 10-Q 2014 Q2 Quarterly report

EXHIBIT 12.1

Computation of Ratio of Earnings to Fixed Charges

	Six months ended June 29, 2014			Fiscal years ended
				December 29, 2013			December 30, 2012			January 1, 2012			January 2, 2011			January 3, 2010
	(In thousands, except ratios)
Computation of earnings:
Income before provision for income taxes	$	812,616		$	1,516,149		$	626,916		$	1,476,754		$	1,457,433		$	503,801
Fixed charges excluding capitalized interest	36,064			86,318			128,934			125,057			101,434			81,630
Distributed earnings from 50%-or-less-owned affiliates	(3,932		)	(13,733		)	(451		)	(2,729		)	(147		)	(392		)
Adjusted earnings	$	844,748		$	1,588,734		$	755,399		$	1,599,082		$	1,558,720		$	585,039
Computation of fixed charges:
Interest expense	$	34,532		$	84,299		$	119,869		$	122,512		$	90,377		$	70,205
Interest relating to lease guarantee of 50%-or-less-owned affiliates	603			—			7,065			—			8,746			8,898
Interest portion of operating lease expense	929			2,019			2,000			2,545			2,311			2,527
Fixed charges	$	36,064		$	86,318		$	128,934		$	125,057		$	101,434		$	81,630
Ratio of earnings to fixed charges (1)	23.4		x	18.4		x	5.9		x	12.8		x	15.4		x	7.2		x

⁽¹⁾  Computed by dividing (i) income before provision for income taxes adjusted for fixed charges by (ii) fixed charges which include interest expense plus amortization of debt issuance costs, the portion of rent expense under operating leases deemed to be representative of the interest factor and interest relating to lease guarantees of 50%-or-less-owned affiliates.