Exhibit 12.1
Computation of ratio of earnings to fixed charges
(dollars in thousands)
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| Three months ended |
| Year ended December 31, |
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| 2013 |
| 2012 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
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Earnings: |
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Earnings (loss) from continuing operations before income taxes and equity in (losses) income of unconsolidated affiliates |
| $ | 78,546 |
| $ | 64,174 |
| $ | 314,407 |
| $ | 207,822 |
| $ | 48,362 |
| $ | (932,985 | ) | $ | 94,600 |
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Fixed charges |
| 10,067 |
| 3,423 |
| 13,866 |
| 13,485 |
| 13,169 |
| 12,413 |
| 38,767 |
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Distributed income of equity investees |
| 328 |
| — |
| — |
| — |
| 11,355 |
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| — |
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Share of pre-tax losses of equity investee for which charges arising from a guarantee are included in fixed charges (a) |
| — |
| (3,975 | ) | (22,604 | ) | (28,936 | ) | — |
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| — |
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Total earnings (loss), as adjusted |
| $ | 88,941 |
| $ | 63,622 |
| $ | 305,669 |
| $ | 192,371 |
| $ | 72,886 |
| $ | (920,572 | ) | $ | 133,367 |
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Fixed Charges: |
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Interest expense (a) |
| $ | 7,232 |
| $ | 1,340 |
| $ | 6,068 |
| $ | 5,477 |
| $ | 5,223 |
| $ | 5,642 |
| $ | 29,061 |
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Amortization of debt issuance costs |
| 431 |
| 45 |
| 142 |
| 181 |
| 181 |
| 181 |
| 3,302 |
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Interest portion of rent expense |
| 2,404 |
| 2,038 |
| 7,656 |
| 7,827 |
| 7,765 |
| 6,590 |
| 6,404 |
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Total fixed charges |
| $ | 10,067 |
| $ | 3,423 |
| $ | 13,866 |
| $ | 13,485 |
| $ | 13,169 |
| $ | 12,413 |
| $ | 38,767 |
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Ratio of earnings to fixed charges |
| 8.8 |
| 18.6 |
| 22.0 |
| 14.3 |
| 5.5 |
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| 3.4 |
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(a) IAC guaranteed half of an equity method investee’s bank loan and was required to satisfy the guarantee in 2012. Interest expense on this loan of less than $0.1 million for the three months ended March 31, 2012 and $0.1 million and $0.2 million in the years ended December 31, 2012 and 2011, respectively, is included in fixed charges.
