Exhibit 12
COMPUTER SCIENCES CORPORATION
Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
The following table sets forth information regarding our ratio of earnings to fixed charges for the periods shown. In calculating the ratio of earnings to fixed charges, earnings represent the sum of (i) income from continuing operations before income taxes and minority interest, (ii) (income)/loss for equity method investees, (iii) fixed charges, (iv) amortization of capitalized interest, (v) distributed income of equity method investees and (vi) our share of pre-tax losses in equity method investees, minus interest capitalized. Fixed charges represent the sum of (i) interest expensed and capitalized, (ii) amortized premiums, discounts and capitalized expenses related to indebtedness, (iii) estimated interest within rental expense and (iv) preference security dividend requirements of consolidated subsidiaries.
| Fiscal Year Ended | ||||||||||||||||||||
| April 3, | March 28, | March 30, | March 31, | April 1, | ||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
| Ratio of earnings to fixed charges | 4.74 | 3.72 | 2.75 | 4.01 | 3.40 | |||||||||||||||
| Earnings | ||||||||||||||||||||
Adjusted income before taxes (1) | $ | 941,916 | $ | 919,525 | $ | 607,940 | $ | 761,290 | $ | 703,906 | ||||||||||
| Plus: Fixed Charges | 248,663 | 331,493 | 336,460 | 248,303 | 287,121 | |||||||||||||||
| Plus: Other Expenses | ||||||||||||||||||||
| (Income)/loss for equity method investees | (15,497 | ) | (12,721 | ) | (13,148 | ) | (11,149 | ) | (8,168 | ) | ||||||||||
| Amortization of capitalized interest | 212 | 264 | 264 | 310 | 310 | |||||||||||||||
| Distributed income of equity method investees | 12,066 | 11,319 | 10,134 | 10,062 | 3,587 | |||||||||||||||
| Minority interest | (8,345 | ) | (14,346 | ) | (14,788 | ) | (10,639 | ) | (11,374 | ) | ||||||||||
| Preference security dividend requirements of consolidated subsidiaries | (628 | ) | (801 | ) | (782 | ) | (591 | ) | (409 | ) | ||||||||||
| Total earnings | $ | 1,178,387 | $ | 1,234,733 | $ | 926,080 | $ | 997,586 | $ | 974,973 | ||||||||||
| Fixed charges | ||||||||||||||||||||
Interest expense (2) | $ | 260,493 | $ | 185,400 | $ | 217,900 | $ | 145,100 | $ | 173,700 | ||||||||||
Imputed interest on operating leases (3) | 104,367 | 107,100 | 115,033 | 99,867 | 110,267 | |||||||||||||||
| Tax Interest | (120,523 | ) | 35,300 | -- | -- | -- | ||||||||||||||
| Amortized premiums, discounts and capitalized expenses related to indebtedness | 3,698 | 2,892 | 2,745 | 2,745 | 2,745 | |||||||||||||||
| Preference security dividend requirements of consolidated subsidiaries | 628 | 801 | 782 | 591 | 409 | |||||||||||||||
| Total fixed charges | $ | 248,663 | $ | 331,493 | $ | 336,460 | $ | 248,303 | $ | 87,121 | ||||||||||
| Ratio of earnings to fixed charges | 4.74 | 3.72 | 2.75 | 4.02 | 3.40 | |||||||||||||||
| Lease rental expense | $ | 313,100 | $ | 321,300 | $ | 345,100 | $ | 299,600 | $ | 330,800 | ||||||||||
| (1) Adjusted income before taxes excludes minority interest in consolidated subsidiaries and (income)/loss for equity method investees. | ||||||||||||||||||||
| (2) Interest expense according to periodic filings. | ||||||||||||||||||||
| (3) Imputed interest on operating leases is estimated to be one-third of current fiscal year lease rental expense. | ||||||||||||||||||||