International Business Machines (IBM) 10-K 2015 FY Annual report

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EXHIBIT 12

COMPUTATION OF RATIO OF INCOME FROM CONTINUING OPERATIONS
TO FIXED CHARGES
(Unaudited)

	Years Ended December 31:
(Dollars in millions)	2015		2014		2013		2012		2011
Income from continuing operations before income taxes(1)	$	15,953	$	19,993	$	20,252	$	22,544	$	21,482
Add:
Fixed charges, excluding capitalized interest		1,500		1,556		1,575		1,593		1,576
Income as adjusted before income taxes	$	17,453	$	21,549	$	21,827	$	24,137	$	23,058
Fixed charges:
Interest expense	$	1,009	$	1,025	$	989	$	1,004	$	964
Capitalized interest		0		4		22		18		9
Portion of rental expense representative of interest		491		531		586		589		612
Total fixed charges	$	1,500	$	1,560	$	1,597	$	1,611	$	1,585
Ratio of income from continuing operations to fixed charges		11.6		13.8		13.7		15.0		14.5

(1)

Income from continuing operations before income taxes excludes (a) amortization of capitalized interest and (b) the company's share in the income and losses of less-than-fifty percent owned affiliates.

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EXHIBIT 12

COMPUTATION OF RATIO OF INCOME FROM CONTINUING OPERATIONS TO FIXED CHARGES (Unaudited)