Home Box Office S-3ASR Automatic shelf registration

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Time Warner Inc.
Ratio of Earnings to Fixed Charges ($ in millions)
	2008 (1)		2007		2006		2005		2004
Earnings
Net income (loss) before income taxes, discontinued operations and cumulative effect of accounting change	$	(16,649)	$	6,387	$	6,381	$	3,529	$	4,220
Interest expense		2,463		2,509		1,969		1,620		1,753
Amortization of capitalized interest		5		5		3		3		3
Portion of rents representative of an interest factor		235		239		238		203		196
Adjustment for partially owned subsidiaries and 50% owned companies		(1,959)		424		438		330		274
Undistributed losses (earnings) of less than 50% owned companies		31		63		(64)		(15)		16
Total earnings	$	(15,874)	$	9,627	$	8,965	$	5,670	$	6,462
Fixed Charges:
Interest expense	$	2,463	$	2,509	$	1,969	$	1,620	$	1,753
Capitalized interest		1		15		17		10		2
Portion of rents representative of an interest factor		235		239		238		203		196
Adjustment for partially owned subsidiaries and 50% owned companies		15		16		63		87		72
Total fixed charges	$	2,714	$	2,779	$	2,287	$	1,920	$	2,023
Ratio of earnings to fixed charges		—		3.5x		3.9x		3.0x		3.2x
	(1) For the ratio of earnings to fixed charges to equal 1.00, earnings, as adjusted, must increase by $18.588 billion.