Exhibit 12.1
DUTY FREE INTERNATIONAL, INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
Year Ended January
1997 1996 1995 1994 1993
---- ---- ---- ---- ----
Earnings (loss) before income taxes $34,080 $25,389 ($31,149) $43,082 $49,786
Adjustments:
Interest expense on borrowed funds 8,444 8,658 8,878 1,495 1,044
Interest portion of rental expense
(deemed to be one-third of rental expense) 11,929 9,591 8,620 7,990 7,842
Amortization of deferred financing costs 161 185 185 31 25
Undistributed earnings of less than
50% owned investees (472) (270) (100) (214) (170)
----- ---- ----- ----- -----
Earnings available for fixed charges/(Deficit) 54,142 43,553 (13,566 ) 52,384 58,527
------- ------- -------- ------- -------
Fixed Charges:
Interest expense on borrowed funds 8,444 8,658 8,878 1,495 1,044
Interest capitalized - - 309 - -
Interest portion of rental expense 11,929 9,591 8,620 7,990 7,842
Amortization of deferred financing costs 161 185 185 31 25
--- ---- ---- --- --
20,534 18,434 17,992 9,516 8,911
------- ------- -------- ------- -------
Earnings to cover fixed charges/(Deficit) $33,608 $25,119 ($31,558) $42,868 $49,616
======= ======= ========= ======= =======
Ratio of earnings to fixed charges 2.64 2.36 N/A(1) 5.50 6.57
======= ======= ========= ======= =======
(1) Earnings available for fixed charges needed to bring the ratio to 1.00 was
$17,992.