The Hershey Company (HSY) 10-Q2014 Q1 Quarterly report

Filed: 2 May 14, 12:00am

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EXHIBIT 12.1

THE HERSHEY COMPANY

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands of dollars except for ratios)

(Unaudited)



	For the Three Months Ended
	March 30, 2014		March 31, 2013
Earnings:

Income before income taxes	$	382,321	$	368,184

Add (deduct):

Interest on indebtedness	22,231		24,341
Portion of rents representative of the interest factor (a)	2,018		2,079
Amortization of debt expense	280		298
Amortization of capitalized interest	564		511
Adjustment to exclude noncontrolling interests in subsidiaries and income from equity investee	176		(834		)

Earnings as adjusted	$	407,590	$	394,579

Fixed Charges:

Interest on indebtedness	$	22,231	$	24,341
Portion of rents representative of the interest factor (a)	2,018		2,079
Amortization of debt expense	280		298
Capitalized interest	1,083		317

Total fixed charges	$	25,612	$	27,035

Ratio of earnings to fixed charges	15.91		14.60

NOTE:


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