Exhibit 12
CBS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Tabular dollars in millions, except ratios)
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| Three Months Ended |
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| Twelve Months Ended |
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| 2011 |
| 2010 |
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| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
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Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies |
| $338 |
| $6 |
|
| $1,222 |
| $443 |
| ($12,575) |
| $2,133 |
| $2,133 |
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Add: |
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Distributions from investee companies |
| 2 |
| — |
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| — |
| 2 |
| 6 |
| 8 |
| 9 |
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Interest expense, net of capitalized interest |
| 110 |
| 138 |
|
| 529 |
| 542 |
| 547 |
| 571 |
| 565 |
|
1/3 of rental expense |
| 46 |
| 47 |
|
| 198 |
| 206 |
| 216 |
| 193 |
| 161 |
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Total Earnings (loss) |
| $496 |
| $191 |
|
| $1,949 |
| $1,193 |
| ($11,806) |
| $2,905 |
| $2,868 |
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Fixed charges: |
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Interest expense, net of capitalized interest |
| $110 |
| $138 |
|
| $529 |
| $542 |
| $547 |
| $571 |
| $565 |
|
1/3 of rental expense |
| 46 |
| 47 |
|
| 198 |
| 206 |
| 216 |
| 193 |
| 161 |
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Total fixed charges |
| $156 |
| $185 |
|
| $727 |
| $748 |
| $763 |
| $764 |
| $726 |
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Ratio of earnings to fixed charges |
| 3 | x | 1 | x |
| 3x |
| 2x |
| Note a |
| 4x |
| 4x |
|
Note:
(a) Earnings are inadequate to cover fixed charges by $12.57 billion due to the non-cash impairment charges of $14.18 billion.