HP (HPQ) 10-Q 2012 Q1 Quarterly report

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Exhibit 12

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

	Three months ended January 31, 2012		Fiscal years ended October 31
			2011		2010		2009		2008		2007
	In millions, except ratios
Earnings:
Earnings before taxes	$	1,821	$	8,982	$	10,974	$	9,415	$	10,473	$	9,177
Adjustments:
Non-controlling interests in the income of subsidiaries with fixed charges		52		75		108		74		17		19
Undistributed loss of equity method investees		—		3		12		2		—		9
Fixed charges		324		1,027		868		1,098		1,147		995
	$	2,197	$	10,087	$	11,962	$	10,589	$	11,637	$	10,200
Fixed charges:
Total interest expense, including interest expense on borrowings, amortization of debt discount and premium on all indebtedness and other	$	208	$	551	$	417	$	585	$	467	$	531
Interest included in rent		116		476		451		513		680		464
Total fixed charges	$	324	$	1,027	$	868	$	1,098	$	1,147	$	995
Ratio of earnings to fixed charges		6.8x		9.8x		13.8x		9.6x		10.1x		10.3x

⁽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, non-controlling interests 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.

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Exhibit 12

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