Mastercard (MA) 10-Q 2010 Q3 Quarterly report

EXHIBIT 12.1

MASTERCARD INCORPORATED

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In millions, except ratios)

	Nine Months Ended September 30, 2010		Year Ended December 31,
			2009		2008			2007		2006			2005
Pre-tax income (loss) before adjustment for non-controlling interests	$	2,175	$	2,218	$	(383	)	$	1,671	$	294		$	407
Loss attributable to non-controlling interests		—		3		2			1		(1	)		—
Add: Fixed charges		46		120		109			62		65			74
Earnings	$	2,221	$	2,341	$	(272	)	$	1,734	$	358		$	481
Fixed charges:
Interest expense	$	43	$	115	$	104		$	57	$	61		$	70
Portion of rental expense under operating leases deemed to be the equivalent of interest1		3		5		5			5		4			4
Total fixed charges	$	46	$	120	$	109		$	62	$	65		$	74
Ratio of earnings to fixed charges		48.3		19.5		—	2		28.0		5.5			6.5

¹ Portion of rental expense under operating leases deemed to be the equivalent of interest at an appropriate interest factor.

² The ratio coverage was less than 1:1. MasterCard would have needed to generate additional earnings of $381 to achieve a coverage of 1:1 in 2008.