Unisys (UIS) 10-Q 2017 Q3 Quarterly report

Exhibit 12

UNISYS CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND

PREFERRED STOCK DIVIDENDS (UNAUDITED)

($ in millions)

	Nine Months Ended September 30, 2017			Years Ended December 31
				2016			2015			2014			2013			2012
Fixed charges
Interest expense	$	36.4		$	27.4		$	11.9		$	9.2		$	9.9		$	27.5
Interest capitalized during the period	3.2			3.0			3.1			4.0			3.2			5.3
Amortization of revolving credit facility expenses	0.3			0.4			1.5			1.6			1.6			1.7
Portion of rental expense representative of interest	18.4			25.8			26.9			27.9			28.4			28.2
Total Fixed Charges	58.3			56.6			43.4			42.7			43.1			62.7
Preferred stock dividend requirements (a)	—			—			—			2.7			16.2			16.2
Total fixed charges and preferred stock dividends	58.3			56.6			43.4			45.4			59.3			78.9
Earnings
Income (loss) before income taxes	(99.5		)	20.5			(58.8		)	145.5			219.4			254.1
Add amortization of capitalized interest	2.4			3.1			3.7			4.5			5.0			7.5
Subtotal	(97.1		)	23.6			(55.1		)	150.0			224.4			261.6
Fixed charges per above	58.3			56.6			43.4			42.7			43.1			62.7
Less interest capitalized during the period	(3.2		)	(3.0		)	(3.1		)	(4.0		)	(3.2		)	(5.3		)
Total earnings	$	(42.0	)	$	77.2		$	(14.8	)	$	188.7		$	264.3		$	319.0
Ratio of earnings to fixed charges	*			1.36			*			4.42			6.13			5.09
Ratio of earnings to fixed charges and preferred stock dividends (b)	N/A			1.36			N/A			4.16			4.46			4.04

(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 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 nine months ended September 30, 2017 and the year ended December 31, 2015, were inadequate to cover fixed charges by $100.3 million and $58.2 million, respectively.