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 | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Fixed charges | ||||||||||||||||||||||||
Interest expense | $ | 2.0 | $ | 9.9 | $ | 27.5 | $ | 63.1 | $ | 101.8 | $ | 95.2 | ||||||||||||
Interest capitalized during the period | 1.3 | 3.2 | 5.3 | 4.9 | 9.1 | 7.5 | ||||||||||||||||||
Amortization of debt issuance expenses | .4 | 1.6 | 1.7 | 1.9 | 2.6 | 3.3 | ||||||||||||||||||
Portion of rental expense representative of interest | 7.0 | 28.4 | 28.2 | 32.6 | 33.5 | 34.9 | ||||||||||||||||||
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Total Fixed Charges | 10.7 | 43.1 | 62.7 | 102.5 | 147.0 | 140.9 | ||||||||||||||||||
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Preferred stock dividend requirements (a) | 2.7 | 16.2 | 16.2 | 13.5 | — | — | ||||||||||||||||||
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Total fixed charges and preferred stock dividends | 13.4 | 59.3 | 78.9 | 116.0 | 147.0 | 140.9 | ||||||||||||||||||
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Earnings | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | (31.7 | ) | 219.4 | 254.1 | 206.0 | 222.9 | 218.2 | |||||||||||||||||
Add amortization of capitalized interest | 1.3 | 5.0 | 7.5 | 7.4 | 9.1 | 11.6 | ||||||||||||||||||
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Subtotal | (30.4 | ) | 224.4 | 261.6 | 213.4 | 232.0 | 229.8 | |||||||||||||||||
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Fixed charges per above | 10.7 | 43.1 | 62.7 | 102.5 | 147.0 | 140.9 | ||||||||||||||||||
Less interest capitalized during the period | (1.3 | ) | (3.2 | ) | (5.3 | ) | (4.9 | ) | (9.1 | ) | (7.5 | ) | ||||||||||||
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Total earnings | $ | (21.0 | ) | $ | 264.3 | $ | 319.0 | $ | 311.0 | $ | 369.9 | $ | 363.2 | |||||||||||
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Ratio of earnings to fixed charges | * | 6.13 | 5.09 | 3.03 | 2.52 | 2.58 | ||||||||||||||||||
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Ratio of earnings to fixed charges and preferred stock dividends (b) | ** | 4.46 | 4.04 | 2.68 | 2.52 | 2.58 | ||||||||||||||||||
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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. |
(b) | The ratio of earnings to fixed charges and preferred stock dividends is calculated by dividing total earnings by total fixed charges and preferred stock dividends. |
* | Earnings for the three months ended March 31, 2014 were inadequate to cover fixed charges by $31.7 million. |
** | Earnings for the three months ended March 31, 2014 were inadequate to cover fixed charges and preferred stock dividends by $34.4 million. |