S&P Global (SPGI) 10-Q2006 Q1 Quarterly report

Filed: 28 Apr 06, 12:00am

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Exhibit (12)

The McGraw-Hill Companies, Inc.

Computation of Ratio of Earnings to Fixed Charges


	March 31, 2006						March 31, 2005
	Three			Twelve			Three
(in thousands)	Months			Months			Months
Earnings
Earnings from operations)
before taxes on income (Note)	$	118,183			1,353,169		$	124,976
Fixed charges		19,205			80,339			19,277

Total Earnings	$	137,388		$	1,433,508		$	144,253


Fixed Charges (Note)
Interest expense	$	3,816		$	19,285		$	4,153
Portion of rental payments deemed to be interest		15,389			61,054			15,124

Total Fixed Charges	$	19,205		$	80,339		$	19,277

Ratio of Earnings to Fixed Charges		7.2	x		17.8	x		7.5	x


(Note)		For the three months ended March 31, 2006, earnings from operations before taxes on income includes $54.0 million of stock-based compensation expense.

		For the twelve months ended March 31, 2006, earnings from operations before taxes on income includes $99.5 million of stock-based compensation expense and a $23.2 million restructuring charge. In addition, earnings from operations before taxes on income includes earnings of $7.0 million from Corporate Value Consulting, which was divested in 2005.

		“Fixed charges” consist of (1) interest on debt and interest related to the sale leaseback of Rock-McGraw, Inc. (See Note 11 to the Company’s consolidated financial statements); and (2) the portion of the Company’s rental expense deemed representative of the interest factor in rental expense.