Exhibit 12
UNISYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
($ in millions)
Years Ended December 31 | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
Fixed charges | ||||||||||||||||||||
Interest expense | $ | 95.2 | $ | 85.1 | $ | 76.3 | $ | 77.2 | $ | 64.7 | ||||||||||
Interest capitalized during the period | 7.5 | 9.0 | 9.1 | 9.9 | 15.0 | |||||||||||||||
Amortization of debt issuance expenses | 3.3 | 4.1 | 3.8 | 3.8 | 3.4 | |||||||||||||||
Portion of rental expense representative of interest | 38.0 | 50.6 | 55.9 | 56.7 | 60.9 | |||||||||||||||
Total Fixed Charges | 144.0 | 148.8 | 145.1 | 147.6 | 144.0 | |||||||||||||||
Earnings | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes (1) | 234.6 | (64.5 | ) | 29.4 | (242.2 | ) | (203.1 | ) | ||||||||||||
Add (deduct) the following: | ||||||||||||||||||||
Share of loss (income) of associated companies | — | — | — | 4.5 | (7.2 | ) | ||||||||||||||
Amortization of capitalized interest | 11.6 | 16.1 | 14.5 | 13.7 | 12.9 | |||||||||||||||
Subtotal | 246.2 | (48.4 | ) | 43.9 | (224.0 | ) | (197.4 | ) | ||||||||||||
Fixed charges per above | 144.0 | 148.8 | 145.1 | 147.6 | 144.0 | |||||||||||||||
Less interest capitalized during the period | (7.5 | ) | (9.0 | ) | (9.1 | ) | (9.9 | ) | (15.0 | ) | ||||||||||
Total earnings (loss) | $ | 382.7 | $ | 91.4 | $ | 179.9 | $ | (86.3 | ) | $ | (68.4 | ) | ||||||||
Ratio of earnings to fixed charges | 2.66 | * | 1.24 | * | * | |||||||||||||||
(1) | Amounts for the years 2005-2008 have been reclassified to reflect the adoption of an accounting standard which changed the presentation and disclosure of noncontrolling interests in consolidated financial statements. |
* | Earnings for the years ended December 31, 2008, 2006 and 2005 were inadequate to cover fixed charges by $57.4 million, $233.9 million and $212.4 million, respectively. |