Tiffany & Co (TIF) 10-Q 2016 Q3 Quarterly report

Exhibit 12.1

TIFFANY & CO.

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Nine months ended October 31,
(dollars in millions)	2016			2015
Earnings from continuing operations before income taxes	$	430.2		$	461.1
Fixed charges, less capitalized interest	94.1			92.8
Total earnings as defined	$	524.3		$	553.9
Fixed Charges:
Interest expense before capitalization of interest a	$	33.4		$	34.3
Estimated interest portion of rent expense	62.1			59.4
Total fixed charges b	$	95.5		$	93.7
Ratio of Earnings to Fixed Charges	5.5		x	5.9		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.