Exhibit 12
UNISYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS (UNAUDITED)
($ in millions)
Six Months Ended June 30, | Years Ended December 31 | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
Fixed charges | ||||||||||||||||||||||||
Interest expense | $ | 12.2 | $ | 11.9 | $ | 9.2 | $ | 9.9 | $ | 27.5 | $ | 63.1 | ||||||||||||
Interest capitalized during the period | 1.2 | 3.1 | 4.0 | 3.2 | 5.3 | 4.9 | ||||||||||||||||||
Amortization of revolving credit facility expenses | 0.2 | 1.5 | 1.6 | 1.6 | 1.7 | 1.9 | ||||||||||||||||||
Portion of rental expense representative of interest | 12.7 | 26.9 | 27.9 | 28.4 | 28.2 | 32.6 | ||||||||||||||||||
Total Fixed Charges | 26.3 | 43.4 | 42.7 | 43.1 | 62.7 | 102.5 | ||||||||||||||||||
Preferred stock dividend requirements (a) | — | — | 2.7 | 16.2 | 16.2 | 13.5 | ||||||||||||||||||
Total fixed charges and preferred stock dividends | 26.3 | 43.4 | 45.4 | 59.3 | 78.9 | 116.0 | ||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Income (loss) before income taxes | 11.1 | (58.8 | ) | 145.5 | 219.4 | 254.1 | 206.0 | |||||||||||||||||
Add amortization of capitalized interest | 1.6 | 3.7 | 4.5 | 5.0 | 7.5 | 7.4 | ||||||||||||||||||
Subtotal | 12.7 | (55.1 | ) | 150.0 | 224.4 | 261.6 | 213.4 | |||||||||||||||||
Fixed charges per above | 26.3 | 43.4 | 42.7 | 43.1 | 62.7 | 102.5 | ||||||||||||||||||
Less interest capitalized during the period | (1.2 | ) | (3.1 | ) | (4.0 | ) | (3.2 | ) | (5.3 | ) | (4.9 | ) | ||||||||||||
Total earnings | $ | 37.8 | $ | (14.8 | ) | $ | 188.7 | $ | 264.3 | $ | 319.0 | $ | 311.0 | |||||||||||
Ratio of earnings to fixed charges | 1.44 | * | 4.42 | 6.13 | 5.09 | 3.03 | ||||||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends (b) | 1.44 | N/A | 4.16 | 4.46 | 4.04 | 2.68 |
(a) | Amounts have not been grossed up for income taxes since the preferred stock was issued by the U.S. parent corporation which has a full valuation allowance against its net deferred tax assets. |
(b) | The ratio of earnings to fixed charges and preferred stock dividends is calculated by dividing total earnings by total fixed charges and preferred stock dividends. |
* | Earnings for the year ended December 31, 2015 were inadequate to cover fixed charges by $58.2 million. |