HP (HPQ) 10-Q 2007 Q2 Quarterly report

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Exhibit 12

HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Statements of Computation of Ratio of Earnings to Fixed Charges⁽¹⁾

			Six Months Ended April 30, 2007		Fiscal Years Ended October 31,
					2006			2005			2004			2003		2002
			In millions, except ratios
Earnings (loss):
	Earnings (loss) before cumulative effect of change in accounting principle and taxes(2)		$	4,192	$	7,191		$	3,543		$	4,196		$	2,888	$	(1,021	)
	Adjustments:
		Minority interest in the income of subsidiaries with fixed charges		10		8			4			12			15		7
		Undistributed loss (earnings) of equity method investees		8		(8	)		(2	)		(2	)		22		46
		Fixed charges		476		746			809			687			710		439
			$	4,686	$	7,937		$	4,354		$	4,893		$	3,635	$	(529	)
Fixed charges:
	Total interest expense, including interest expense on borrowings, amortization of debt discount and premium on all indebtedness and other		$	244	$	336		$	377		$	257		$	304	$	255
	Interest included in rent			232		410			432			430			406		184
Total fixed charges			$	476	$	746		$	809		$	687		$	710	$	439
Ratio of earnings to fixed charges (excess of fixed charges over earnings)				9.8x		10.6x			5.4x			7.1x			5.1x	$	(968	)

⁽¹⁾

HP computed the ratio of earnings to fixed charges by dividing earnings (earnings before cumulative effect of change in accounting principle and taxes, adjusted for fixed charges, minority interest in the income of subsidiaries with fixed charges and undistributed earnings or loss of equity method investees) by fixed charges for the periods indicated. Fixed charges include (i) interest expense on borrowings and amortization of debt discount or premium on all indebtedness and other, and (ii) a reasonable approximation of the interest factor deemed to be included in rental expense.

⁽²⁾

HP restated earnings (loss) before cumulative effect of change in accounting principle and taxes for the effects of adopting SFAS No. 145 "Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections." HP adopted SFAS No. 145 effective November 1, 2002.

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Exhibit 12

HEWLETT-PACKARD COMPANY AND SUBSIDIARIES Statements of Computation of Ratio of Earnings to Fixed Charges⁽¹⁾