The Hershey Company (HSY) 10-Q 2015 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)

	Nine Months Ended
	October 4, 2015			September 28, 2014
Earnings:
Income before income taxes	$	605,306		$	984,474
Add (deduct):
Interest on indebtedness	59,560			65,999
Portion of rents representative of the interest factor (a)	8,110			7,692
Amortization of debt expense	901			833
Amortization of capitalized interest	1,830			1,748
Adjustment to exclude noncontrolling interests in subsidiaries and income from equity investee	(4,842		)	(156		)
Earnings as adjusted	$	670,865		$	1,060,590
Fixed Charges:
Interest on indebtedness	$	59,560		$	65,999
Portion of rents representative of the interest factor (a)	8,110			7,692
Amortization of debt expense	901			833
Capitalized interest	9,314			3,838
Total fixed charges	$	77,885		$	78,362
Ratio of earnings to fixed charges	8.61			13.53

NOTE:

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