Exhibit 12
UNISYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS (UNAUDITED)
($ in millions)
Three Months Ended Mar. 31, | Years Ended December 31 | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
Fixed charges | ||||||||||||||||||||||||
Interest expense | $ | 25.9 | $ | 101.8 | $ | 95.2 | $ | 85.1 | $ | 76.3 | $ | 77.2 | ||||||||||||
Interest capitalized during the period | 1.3 | 9.1 | 7.5 | 9.0 | 9.1 | 9.9 | ||||||||||||||||||
Amortization of debt issuance expenses | .6 | 2.6 | 3.3 | 4.1 | 3.8 | 3.8 | ||||||||||||||||||
Portion of rental expense representative of interest | 8.4 | 33.5 | 34.9 | 46.9 | 52.4 | 53.7 | ||||||||||||||||||
Total Fixed Charges | 36.2 | 147.0 | 140.9 | 145.1 | 141.6 | 144.6 | ||||||||||||||||||
Preferred stock dividend requirements | 1.4 | — | — | — | — | — | ||||||||||||||||||
Total fixed charges and preferred stock dividends | 37.6 | 147.0 | 140.9 | 145.1 | 141.6 | 144.6 | ||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | (7.8 | ) | 222.9 | 218.2 | (97.6 | ) | 14.8 | (228.9 | ) | |||||||||||||||
Add (deduct) the following: | ||||||||||||||||||||||||
Share of loss of associated companies | — | — | — | — | — | 4.5 | ||||||||||||||||||
Amortization of capitalized interest | 1.9 | 9.1 | 11.6 | 16.1 | 14.5 | 13.7 | ||||||||||||||||||
Subtotal | (5.9 | ) | 232.0 | 229.8 | (81.5 | ) | 29.3 | (210.7 | ) | |||||||||||||||
Fixed charges per above | 36.2 | 147.0 | 140.9 | 145.1 | 141.6 | 144.6 | ||||||||||||||||||
Less interest capitalized during the period | (1.3 | ) | (9.1 | ) | (7.5 | ) | (9.0 | ) | (9.1 | ) | (9.9 | ) | ||||||||||||
Total earnings (loss) | $ | 29.0 | $ | 369.9 | $ | 363.2 | $ | 54.6 | $ | 161.8 | $ | (76.0 | ) | |||||||||||
Ratio of earnings to fixed charges | * | 2.52 | 2.58 | * | 1.14 | * | ||||||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends | ** | 2.52 | 2.58 | ** | 1.14 | ** | ||||||||||||||||||
* | Earnings for the three months ended March 31, 2011 and for the years ended December 31, 2008 and 2006 were inadequate to cover fixed charges by $7.2 million, $90.5 million and $220.6 million, respectively. |
** | Earnings for the three months ended March 31, 2011 and for the years ended December 31, 2008 and 2006 were inadequate to cover fixed charges and preferred stock dividends by $8.6 million, $90.5 million and $220.6 million, respectively. |