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 | |||||||
October 4, 2009 | September 28, 2008 | ||||||
| Earnings: | |||||||
| Income before income taxes | $ | 480,302 | $ | 363,571 | |||
| Add (deduct): | |||||||
| Interest on indebtedness | 71,693 | 78,775 | |||||
| Portion of rents representative of the interest factor (a) | 6,386 | 6,893 | |||||
| Amortization of debt expense | 738 | 668 | |||||
| Amortization of capitalized interest | 1,054 | 1,236 | |||||
Adjustment to exclude noncontrolling interests in subsidiaries and income from equity investee | (3,602 | ) | (2,075 | ) | |||
| Earnings as adjusted | $ | 556,571 | $ | 449,068 | |||
| Fixed Charges: | |||||||
| Interest on indebtedness | $ | 71,693 | $ | 78,775 | |||
| Portion of rents representative of the interest factor (a) | 6,386 | 6,893 | |||||
| Amortization of debt expense | 738 | 668 | |||||
| Capitalized interest | 2,068 | 4,559 | |||||
| Total fixed charges | $ | 80,885 | $ | 90,895 | |||
| Ratio of earnings to fixed charges | 6.88 | 4.94 | |||||
NOTE:
| (a) | Portion of rents representative of the interest factor consists of one-third of rental expense for operating leases. |