Tiffany & Co (TIF) 10-Q2016 Q2 Quarterly report

Filed: 25 Aug 16, 12:00am

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Exhibit 12.1

TIFFANY & CO.

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES



	Six months ended July 31,
(dollars in millions)	2016			2015

Earnings from continuing operations before income taxes	$	284.7		$	319.9
Fixed charges, less capitalized interest	62.7			61.3
Total earnings as defined	$	347.4		$	381.2

Fixed Charges:
Interest expense before capitalization of interest ^a	$	22.7		$	23.0
Estimated interest portion of rent expense	41.0			39.4
Total fixed charges ^b	$	63.7		$	62.4

Ratio of Earnings to Fixed Charges	5.5		x	6.1		x


^a	Interest expense does not include interest related to uncertain tax positions and other non-third party indebtedness.


^b	Fixed charges represent interest expense (before interest is capitalized), amortization of deferred financing costs and an appropriate interest factor on operating leases.