Exhibit 12.1
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DUTY FREE INTERNATIONAL, INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
Year Ended January
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1996 1995 1994 1993 1992
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Earnings (loss) before income taxes $25,389 ($31,149) $43,082 $49,786 $48,765
Adjustments:
Interest expense on borrowed funds 8,658 8,878 1,495 1,044 5,657
Interest portion of rental expense
(deemed to be one-third of rental expense) 9,591 8,620 7,990 7,842 7,201
Amortization of deferred financing costs 185 185 31 25 153
Undistributed earnings of less than
50% owned investees (270) (100) (214) (170) (89)
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Earnings available for fixed charges/(Deficit) 43,553 (13,566) 52,384 58,527 61,687
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Fixed Charges:
Interest expense on borrowed funds 8,658 8,878 1,495 1,044 5,657
Interest capitalized - 309 - - -
Interest portion of rental expense 9,591 8,620 7,990 7,842 7,201
Amortization of deferred financing costs 185 185 31 25 153
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18,434 17,992 9,516 8,911 13,011
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Earnings to cover fixed charges/(Deficit) $25,119 ($31,558) $42,868 $49,616 $48,676
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Ratio of earnings to fixed charges 2.36 N/A(1) 5.50 6.57 4.74
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(1) Earnings available for fixed charges needed to bring the ratio to 1.00 was $17,992.
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