The Hershey Company (HSY) 10-Q 2011 Q2 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 Six Months Ended
	July 3, 2011			July 4, 2010
Earnings:
Income before income taxes	$	457,075		$	331,229
Add (deduct):
Interest on indebtedness		52,457			48,025
Portion of rents representative of the      interest factor (a)		3,683			3,474
Amortization of debt expense		599			497
Amortization of capitalized interest		933			592
Adjustment to exclude noncontrolling interests       in subsidiaries and income or loss from equity investees		(1,458	)		(4,596	)
Earnings as adjusted	$	513,289		$	379,221
Fixed Charges:
Interest on indebtedness	$	52,457		$	48,025
Portion of rents representative of the     interest factor (a)		3,683			3,474
Amortization of debt expense		599			497
Capitalized interest		3,249			1,004
Total fixed charges	$	59,988		$	53,000
Ratio of earnings to fixed charges		8.56			7.16

NOTE:

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