Unisys (UIS) 10-Q 2016 Q1 Quarterly report

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
	2016			2015			2014			2013			2012			2011
Fixed charges
Interest expense	$	4.4		$	11.9		$	9.2		$	9.9		$	27.5		$	63.1
Interest capitalized during the period		.5			3.1			4.0			3.2			5.3			4.9
Amortization of revolving credit facility expenses		.1			1.5			1.6			1.6			1.7			1.9
Portion of rental expense representative of interest		6.3			26.9			27.9			28.4			28.2			32.6
Total Fixed Charges		11.3			43.4			42.7			43.1			62.7			102.5
Preferred stock dividend requirements (a)		—			—			2.7			16.2			16.2			13.5
Total fixed charges and preferred stock dividends		11.3			43.4			45.4			59.3			78.9			116.0
Earnings
Income (loss) before income taxes		(33.2	)		(58.8	)		145.5			219.4			254.1			206.0
Add amortization of capitalized interest		.8			3.7			4.5			5.0			7.5			7.4
Subtotal		(32.4	)		(55.1	)		150.0			224.4			261.6			213.4
Fixed charges per above		11.3			43.4			42.7			43.1			62.7			102.5
Less interest capitalized during the period		(.5	)		(3.1	)		(4.0	)		(3.2	)		(5.3	)		(4.9	)
Total earnings	$	(21.6	)	$	(14.8	)	$	188.7		$	264.3		$	319.0		$	311.0
Ratio of earnings to fixed charges		*			*			4.42			6.13			5.09			3.03
Ratio of earnings to fixed charges and preferred stock dividends (b)		N/A			N/A			4.16			4.46			4.04			2.68

(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, 2016 and for the year ended December 31, 2015 were inadequate to cover fixed charges by $32.9 million and $58.2 million, respectively.