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CBS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS
(Tabular dollars in millions, except ratios)
| Six Months Ended June 30, | Twelve Months Ended December 31, | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2008 | 2007 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
Earnings (loss) before income taxes | $ | 1,045.7 | $ | 1,061.8 | $ | 2,133.0 | $ | 2,132.7 | $ | (7,564.4 | ) | $ | (15,850.2 | ) | $ | 1,788.2 | |||||||
Add: | |||||||||||||||||||||||
Distributions from investee companies | 5.8 | 5.0 | 7.7 | 8.9 | 9.5 | 12.6 | 1.7 | ||||||||||||||||
Interest expense, net of capitalized interest | 272.7 | 284.7 | 570.1 | 564.5 | 719.6 | 693.7 | 715.0 | ||||||||||||||||
1/3 of rental expense | 98.8 | 91.5 | 193.4 | 160.9 | 137.2 | 123.8 | 95.1 | ||||||||||||||||
Total Earnings (loss) | $ | 1,423.0 | $ | 1,443.0 | $ | 2,904.2 | $ | 2,867.0 | $ | (6,698.1 | ) | $ | (15,020.1 | ) | $ | 2,600.0 | |||||||
Fixed charges: | |||||||||||||||||||||||
Interest expense, net of capitalized interest | $ | 272.7 | $ | 284.7 | $ | 570.1 | $ | 564.5 | $ | 719.6 | $ | 693.7 | $ | 715.0 | |||||||||
1/3 of rental expense | 98.8 | 91.5 | 193.4 | 160.9 | 137.2 | 123.8 | 95.1 | ||||||||||||||||
Total fixed charges | |||||||||||||||||||||||
requirements | $ | 371.5 | $ | 376.2 | $ | 763.5 | $ | 725.4 | $ | 856.8 | $ | 817.5 | $ | 810.1 | |||||||||
Ratio of earnings to fixed charges | 3.8x | 3.8x | 3.8x | 4.0x | Note a | Note a | 3.2x | ||||||||||||||||
Note:
(a) Earnings are inadequate to cover fixed charges by $7.55 billion in 2005 and $15.84 billion in 2004 due to the non-cash impairment charges of $9.48 billion in 2005 and $18.0 billion in 2004.
CBS CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS (Tabular dollars in millions, except ratios)