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Content analysis
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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, |
| ||||||||
|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies |
| $2,083 |
| $1,222 |
| $443 |
| $(12,575 | ) | $2,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
Distributions from investee companies |
| 13 |
| — |
| 2 |
| 6 |
| 8 |
|
Interest expense, net of capitalized interest |
| 436 |
| 529 |
| 542 |
| 547 |
| 571 |
|
1/3 of rental expense |
| 200 |
| 198 |
| 206 |
| 216 |
| 193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earnings (loss) from continuing operations |
| $2,732 |
| $1,949 |
| $1,193 |
| $(11,806 | ) | $2,905 |
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|
|
|
|
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Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of capitalized interest |
| $436 |
| $529 |
| $542 |
| $547 |
| $571 |
|
1/3 of rental expense |
| 200 |
| 198 |
| 206 |
| 216 |
| 193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed charges |
| $636 |
| $727 |
| $748 |
| $763 |
| $764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of earnings to fixed charges |
| 4.3 | x | 2.7 | x | 1.6 | x | Note (a) |
| 3.8 | 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.