Exhibit 12
UNISYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
($ in millions)
Years Ended December 31 | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Fixed charges | ||||||||||||||||||||
Interest expense | $ | 63.1 | $ | 101.8 | $ | 95.2 | $ | 85.1 | $ | 76.3 | ||||||||||
Interest capitalized during the period | 4.9 | 9.1 | 7.5 | 9.0 | 9.1 | |||||||||||||||
Amortization of debt issuance expenses | 1.9 | 2.6 | 3.3 | 4.1 | 3.8 | |||||||||||||||
Portion of rental expense representative of interest | 32.6 | 33.5 | 34.9 | 46.9 | 52.4 | |||||||||||||||
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Total Fixed Charges | 102.5 | 147.0 | 140.9 | 145.1 | 141.6 | |||||||||||||||
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Preferred Stock dividend requirements (a) | 13.5 | — | — | — | — | |||||||||||||||
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Total Fixed Charges and Preferred stock dividends | 116.0 | 147.0 | 140.9 | 145.1 | 141.6 | |||||||||||||||
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Earnings | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 206.0 | 222.9 | 218.2 | (97.6 | ) | 14.8 | ||||||||||||||
Add amortization of capitalized interest | 7.4 | 9.1 | 11.6 | 16.1 | 14.5 | |||||||||||||||
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Subtotal | 213.4 | 232.0 | 229.8 | (81.5 | ) | 29.3 | ||||||||||||||
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Fixed charges per above | 102.5 | 147.0 | 140.9 | 145.1 | 141.6 | |||||||||||||||
Less interest capitalized during the period | (4.9 | ) | (9.1 | ) | (7.5 | ) | (9.0 | ) | (9.1 | ) | ||||||||||
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Total earnings | $ | 311.0 | $ | 369.9 | $ | 363.2 | $ | 54.6 | $ | 161.8 | ||||||||||
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Ratio of earnings to fixed charges | 3.03 | 2.52 | 2.58 | * | 1.14 | |||||||||||||||
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Ratio of earnings to fixed charges and preferred stock dividends | 2.80 | 2.52 | 2.58 | ** | 1.14 | |||||||||||||||
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(a) | Amounts have not been grossed up for income taxes since the preferred stock was issued by the U.S. parent corporation which has a full valuation allowance against its net deferred tax assets. |
* | Earnings for the year ended December 31, 2008 were inadequate to cover fixed charges by $90.5 million. |
** | Earnings for the year ended December 31, 2008 were inadequate to cover fixed charges and preferred stock dividends by $90.5 million. |