Exhibit 12
CBS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Tabular dollars in millions except ratios)
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| Six Months Ended |
| Twelve Months Ended |
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| June 30, |
| December 31, |
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| 2009 |
| 2008 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
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Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies |
| $40.1 |
| $1,045.7 |
| $(12,575.1) |
| $2,133.0 |
| $2,132.7 |
| $(7,564.4) |
| $(15,850.2) |
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Add: |
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Distributions from investee companies |
| 1.5 |
| 5.8 |
| 5.8 |
| 7.7 |
| 8.9 |
| 9.5 |
| 12.6 |
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Interest expense, net of capitalized interest |
| 267.1 |
| 272.7 |
| 546.3 |
| 570.1 |
| 564.5 |
| 719.6 |
| 693.7 |
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1/3 of rental expense |
| 100.4 |
| 98.8 |
| 215.8 |
| 193.4 |
| 160.9 |
| 137.2 |
| 123.8 |
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Total Earnings (loss) |
| $409.1 |
| $1,423.0 |
| $(11,807.2) |
| $2,904.2 |
| $2,867.0 |
| $(6,698.1) |
| $(15,020.1) |
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Fixed charges: |
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Interest expense, net of capitalized interest |
| $267.1 |
| $272.7 |
| $546.3 |
| $570.1 |
| $564.5 |
| $719.6 |
| $693.7 |
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1/3 of rental expense |
| 100.4 |
| 98.8 |
| 215.8 |
| 193.4 |
| 160.9 |
| 137.2 |
| 123.8 |
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Total fixed charges |
| $367.5 |
| $371.5 |
| $762.1 |
| $763.5 |
| $725.4 |
| $856.8 |
| $817.5 |
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Ratio of earnings to fixed charges |
| 1.1x |
| 3.8x |
| Note a |
| 3.8x |
| 4.0x |
| Note a |
| Note a |
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Note:
(a) Earnings are inadequate to cover fixed charges by $12.57 billion in 2008, $7.55 billion in 2005 and $15.84 billion in 2004 due to the non-cash impairment charges of $14.18 billion in 2008, $9.48 billion in 2005 and $18.0 billion in 2004.