Unisys (UIS) 10-Q 2018 Q1 Quarterly report

Exhibit 12

UNISYS CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND

PREFERRED STOCK DIVIDENDS (UNAUDITED)

($ in millions)

	Three Months Ended March 31, 2018			Years Ended December 31,
				2017			2016			2015			2014			2013
Fixed charges
Interest expense	$	16.6		$	52.8		$	27.4		$	11.9		$	9.2		$	9.9
Interest capitalized during the period	1.2			4.2			3.0			3.1			4.0			3.2
Amortization of revolving credit facility expenses	0.1			0.7			0.4			1.5			1.6			1.6
Portion of rental expense representative of interest	5.1			23.9			25.8			26.9			27.9			28.4
Total Fixed Charges	23.0			81.6			56.6			43.4			42.7			43.1
Preferred stock dividend requirements(i)	—			—			—			—			2.7			16.2
Total fixed charges and preferred stock dividends	23.0			81.6			56.6			43.4			45.4			59.3
Earnings
Income (loss) before income taxes	62.6			(72.1		)	20.5			(58.8		)	145.5			219.4
Add amortization of capitalized interest	0.9			3.2			3.1			3.7			4.5			5.0
Subtotal	63.5			(68.9		)	23.6			(55.1		)	150.0			224.4
Fixed charges per above	23.0			81.6			56.6			43.4			42.7			43.1
Less interest capitalized during the period	(1.2		)	(4.2		)	(3.0		)	(3.1		)	(4.0		)	(3.2		)
Total earnings	$	85.3		$	8.5		$	77.2		$	(14.8	)	$	188.7		$	264.3
Ratio of earnings to fixed charges	3.71			*			1.36			*			4.42			6.13
Ratio of earnings to fixed charges and preferred stock dividends(ii)	3.71			N/A			1.36			N/A			4.16			4.46

(i) 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.

(ii) 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 years ended December 31, 2017 and 2015 were inadequate to cover fixed charges by $73.1 million and $58.2 million, respectively.