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Content analysis
?Positive | ||
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H.S. freshman Avg
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Exhibit 12
CBS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Tabular dollars in millions, except ratios)
|
| Twelve Months Ended December 31, |
| ||||||||
|
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
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|
Earnings (loss) before income taxes and equity in loss of investee companies |
| $1,221.5 |
| $443.0 |
| $(12,575.1) |
| $2,133.0 |
| $2,132.7 |
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Add: |
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Distributions from investee companies |
| .5 |
| 2.3 |
| 5.8 |
| 7.7 |
| 8.9 |
|
Interest expense, net of capitalized interest |
| 528.8 |
| 542.0 |
| 546.3 |
| 570.1 |
| 564.5 |
|
1/3 of rental expense |
| 198.0 |
| 205.7 |
| 215.8 |
| 193.4 |
| 160.9 |
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Total Earnings (loss) |
| $1,948.8 |
| $1,193.0 |
| $(11,807.2) |
| $2,904.2 |
| $2,867.0 |
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Fixed charges: |
|
|
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|
|
|
|
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|
Interest expense, net of capitalized interest |
| $528.8 |
| $542.0 |
| $546.3 |
| $570.1 |
| $564.5 |
|
1/3 of rental expense |
| 198.0 |
| 205.7 |
| 215.8 |
| 193.4 |
| 160.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed charges |
| $726.8 |
| $747.7 |
| $762.1 |
| $763.5 |
| $725.4 |
|
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Ratio of earnings to fixed charges |
| 2.7 | x | 1.6 | x | Note | a | 3.8 | x | 4.0 | x |
Note: |
(a) Earnings are inadequate to cover fixed charges by $12.57 billion in 2008 due to the non-cash impairment charges of $14.18 billion. |