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Exhibit 12.1

TIFFANY & CO.

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
Six Months Ended
July 31,
 
Year Ended January 31,
(in thousands)
2014
2013
 
2014
2013
2012
2011
2010
Determination of Earnings:
 
 
 
 
 
 
 
Earnings from continuing operations before income taxes
$385,887

$ 290,638

 
$254,866
$643,576
$664,951
$547,434
$389,974
Fixed charges, less capitalized interest
68,164

66,015

 
133,315
  120,054
114,156
100,634
92,686
Total earnings as defined
$ 454,051

$356,653

 
$388,181
$763,630
$779,107
$648,068
$482,660
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
Interest expense before capitalization of interest a
$31,202

$29,285

 
$59,599
$55,073
$43,256
$48,255
$49,899
Estimated interest portion of rent expense
37,548

36,969

 
74,455
65,493
71,648
52,296
42,950
Total fixed charges b
$68,750

$66,254

 
$134,054
$120,566
$114,904
$100,551
$92,849
 
 
 
 
 
 
 
 
 
Ratio of Earnings to
Fixed Charges
6.6x

5.4x

 
2.9x
6.3x
6.8x
6.4x
5.2x

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.