EXHIBIT 12.1
THE HERSHEY COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands of dollars except for ratios)
(unaudited)
| Six Months Ended | |||||||
| June 29, 2014 | June 30, 2013 | ||||||
| Earnings: | |||||||
| Income before income taxes | $ | 639,051 | $ | 616,007 | |||
| Add (deduct): | |||||||
| Interest on indebtedness | 44,103 | 46,140 | |||||
| Portion of rents representative of the interest factor (a) | 4,754 | 3,768 | |||||
| Amortization of debt expense | 556 | 555 | |||||
| Amortization of capitalized interest | 1,153 | 1,085 | |||||
| Adjustment to exclude noncontrolling interests in subsidiaries and income from equity investee | 46 | (2,111 | ) | ||||
| Earnings as adjusted | $ | 689,663 | $ | 665,444 | |||
| Fixed Charges: | |||||||
| Interest on indebtedness | $ | 44,103 | $ | 46,140 | |||
| Portion of rents representative of the interest factor (a) | 4,754 | 3,768 | |||||
| Amortization of debt expense | 556 | 555 | |||||
| Capitalized interest | 2,296 | 641 | |||||
| Total fixed charges | $ | 51,709 | $ | 51,104 | |||
| Ratio of earnings to fixed charges | 13.34 | 13.02 | |||||
NOTE:
| (a) | Portion of rents representative of the interest factor consists of one-third of rental expense for operating leases. |