Exhibit 12
CBS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Tabular dollars in millions, except ratios)
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| Nine Months Ended |
| Twelve Months Ended |
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| September 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 |
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| $ | 339.5 |
| $ | (12,742.1 | ) | $ | (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 |
| 1.7 |
| 5.8 |
| 5.8 |
| 7.7 |
| 8.9 |
| 9.5 |
| 12.6 |
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Interest expense, net of capitalized interest |
| 402.5 |
| 407.5 |
| 546.3 |
| 570.1 |
| 564.5 |
| 719.6 |
| 693.7 |
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1/3 of rental expense |
| 151.3 |
| 157.9 |
| 215.8 |
| 193.4 |
| 160.9 |
| 137.2 |
| 123.8 |
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Total Earnings (loss) |
| $ | 895.0 |
| $ | (12,170.9 | ) | $ | (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 |
| $ | 402.5 |
| $ | 407.5 |
| $ | 546.3 |
| $ | 570.1 |
| $ | 564.5 |
| $ | 719.6 |
| $ | 693.7 |
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1/3 of rental expense |
| 151.3 |
| 157.9 |
| 215.8 |
| 193.4 |
| 160.9 |
| 137.2 |
| 123.8 |
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Total fixed charges |
| $ | 553.8 |
| $ | 565.4 |
| $ | 762.1 |
| $ | 763.5 |
| $ | 725.4 |
| $ | 856.8 |
| $ | 817.5 |
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Ratio of earnings to fixed charges |
| 1.6x |
| Note a |
| Note a |
| 3.8x |
| 4.0x |
| Note a |
| Note a |
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Note:
(a) Earnings are inadequate to cover fixed charges by $12.74 billion for the nine months ended September 30, 2008, $12.57 billion for the full year 2008, $7.55 billion for the full year 2005 and $15.84 billion for the full year 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.