The Hershey Company (HSY) 10-Q 2008 Q3 Quarterly report

EXHIBIT 12.1

THE HERSHEY COMPANY

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands of dollars except for ratios)

(Unaudited)

	For the Nine Months Ended
	September 28, 2008			September 30, 2007
Earnings:
Income before income taxes	$	363,571		$	241,141
Add (deduct):
Interest on indebtedness		78,775			92,690
Portion of rents representative of the      interest factor (a)		6,893			6,069
Amortization of debt expense		668			573
Amortization of capitalized interest		1,236			2,002
Adjustment to exclude minority interest       and income from equity investee		(2,075	)		(399	)
Earnings as adjusted	$	449,068		$	342,076
Fixed Charges:
Interest on indebtedness	$	78,775		$	92,690
Portion of rents representative of the     interest factor (a)		6,893			6,069
Amortization of debt expense		668			573
Capitalized interest		4,559			248
Total fixed charges	$	90,895		$	99,580
Ratio of earnings to fixed charges		4.94			3.44

NOTE:

(a) Portion of rents representative of the interest factor consists of one-third of rental expense for operating leases.