Exhibit 12
UNISYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
($ in millions)
Years Ended December 31 | ||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
Fixed charges | ||||||||||||||||||||
Interest expense | $ | 76.3 | $ | 77.2 | $ | 64.7 | $ | 69.0 | $ | 69.6 | ||||||||||
Interest capitalized during the period | 9.1 | 9.9 | 15.0 | 16.3 | 14.5 | |||||||||||||||
Amortization of debt issuance expenses | 3.8 | 3.8 | 3.4 | 3.5 | 3.8 | |||||||||||||||
Portion of rental expense representative of interest | 55.9 | 56.7 | 60.9 | 61.6 | 55.2 | |||||||||||||||
Total Fixed Charges | 145.1 | 147.6 | 144.0 | 150.4 | 143.1 | |||||||||||||||
Earnings | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 3.5 | (250.9 | ) | (170.9 | ) | (76.0 | ) | 380.5 | ||||||||||||
Add (deduct) the following: | ||||||||||||||||||||
Share of loss (income) of associated companies | — | 4.5 | (7.2 | ) | (14.0 | ) | (16.2 | ) | ||||||||||||
Amortization of capitalized interest | 14.5 | 13.7 | 12.9 | 11.7 | 10.2 | |||||||||||||||
Subtotal | 18.0 | (232.7 | ) | (165.2 | ) | (78.3 | ) | 374.5 | ||||||||||||
Fixed charges per above | 145.1 | 147.6 | 144.0 | 150.4 | 143.1 | |||||||||||||||
Less interest capitalized during the period | (9.1 | ) | (9.9 | ) | (15.0 | ) | (16.3 | ) | (14.5 | ) | ||||||||||
Total earnings | $ | 154.0 | $ | (95.0 | ) | $ | (36.2 | ) | $ | 55.8 | $ | 503.1 | ||||||||
Ratio of earnings to fixed charges | 1.06 | * | * | * | 3.52 | |||||||||||||||
* | Earnings for the years ended December 31, 2006, 2005 and 2004 were inadequate to cover fixed charges by $242.6 million, $180.2 million and $94.6 million, respectively. |