Exhibit 12
UNISYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
($ in millions)
Years Ended December 31 | ||||||||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||
Fixed charges | ||||||||||||||||||||
Interest expense | $ | 69.0 | $ | 69.6 | $ | 66.5 | $ | 70.0 | $ | 79.8 | ||||||||||
Interest capitalized during the period | 16.3 | 14.5 | 13.9 | 11.8 | 11.4 | |||||||||||||||
Amortization of debt issuance expenses | 3.5 | 3.8 | 2.6 | 2.7 | 3.2 | |||||||||||||||
Portion of rental expense representative of interest | 61.6 | 55.2 | 53.0 | 53.9 | 42.2 | |||||||||||||||
Total Fixed Charges | 150.4 | 143.1 | 136.0 | 138.4 | 136.6 | |||||||||||||||
Earnings | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes | (76.0 | ) | 380.5 | 332.8 | (73.0 | ) | 348.5 | |||||||||||||
Add (deduct) the following: | ||||||||||||||||||||
Share of loss (income) of associated companies | (14.0 | ) | (16.2 | ) | 14.2 | (8.6 | ) | (20.5 | ) | |||||||||||
Amortization of capitalized interest | 11.7 | 10.2 | 8.8 | 5.4 | 2.2 | |||||||||||||||
Subtotal | (78.3 | ) | 374.5 | 355.8 | (76.2 | ) | 330.2 | |||||||||||||
Fixed charges per above | 150.4 | 143.1 | 136.0 | 138.4 | 136.6 | |||||||||||||||
Less interest capitalized during the period | (16.3 | ) | (14.5 | ) | (13.9 | ) | (11.8 | ) | (11.4 | ) | ||||||||||
Total earnings | $ | 55.8 | $ | 503.1 | $ | 477.9 | $ | 50.4 | $ | 455.4 | ||||||||||
Ratio of earnings to fixed charges | * | 3.52 | 3.51 | * | 3.33 | |||||||||||||||
* | Earnings for the years ended December 31, 2004 and 2001 were inadequate to cover fixed charges by $94.6 million and $88.0 million, respectively. |