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 |
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| Twelve Months Ended |
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| September 30, |
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| December 31, |
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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 |
| $ | 1,542 |
| $ | 763 |
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| $ | 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 |
| 330 |
| 399 |
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| 529 |
| 542 |
| 547 |
| 571 |
| 565 |
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1/3 of rental expense |
| 146 |
| 147 |
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| 198 |
| 206 |
| 216 |
| 193 |
| 161 |
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Total earnings (loss) |
| $ | 2,020 |
| $ | 1,309 |
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| $ | 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 |
| $ | 330 |
| $ | 399 |
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| $ | 529 |
| $ | 542 |
| $ | 547 |
| $ | 571 |
| $ | 565 |
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1/3 of rental expense |
| 146 |
| 147 |
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| 198 |
| 206 |
| 216 |
| 193 |
| 161 |
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Total fixed charges |
| $ | 476 |
| $ | 546 |
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| $ | 727 |
| $ | 748 |
| $ | 763 |
| $ | 764 |
| $ | 726 |
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Ratio of earnings to fixed charges |
| 4.2 | x | 2.4 | x |
| 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 due to the non-cash impairment charges of $14.18 billion.