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 |
| Twelve Months Ended |
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| March 31, |
| December 31, |
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| 2012 |
| 2011 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
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Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies |
| $ | 571 |
| $ | 338 |
| $ | 2,083 |
| $ | 1,222 |
| $ | 443 |
| $ | (12,575 | ) | $ | 2,133 |
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Add: |
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Distributions from investee companies |
| 1 |
| 2 |
| 13 |
| — |
| 2 |
| 6 |
| 8 |
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Interest expense, net of capitalized interest |
| 110 |
| 110 |
| 436 |
| 529 |
| 542 |
| 547 |
| 571 |
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1/3 of rental expense |
| 46 |
| 46 |
| 200 |
| 198 |
| 206 |
| 216 |
| 193 |
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Total Earnings (loss) from continuing operations |
| $ | 728 |
| $ | 496 |
| $ | 2,732 |
| $ | 1,949 |
| $ | 1,193 |
| $ | (11,806 | ) | $ | 2,905 |
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Fixed charges: |
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Interest expense, net of capitalized interest |
| $ | 110 |
| $ | 110 |
| $ | 436 |
| $ | 529 |
| $ | 542 |
| $ | 547 |
| $ | 571 |
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1/3 of rental expense |
| 46 |
| 46 |
| 200 |
| 198 |
| 206 |
| 216 |
| 193 |
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Total fixed charges |
| $ | 156 |
| $ | 156 |
| $ | 636 |
| $ | 727 |
| $ | 748 |
| $ | 763 |
| $ | 764 |
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Ratio of earnings to fixed charges |
| 4.7x |
| 3.2x |
| 4.3x |
| 2.7x |
| 1.6x |
| Note a |
| 3.8x |
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Note:
(a) Earnings are inadequate to cover fixed charges by $12.57 billion in 2008 due to the noncash impairment charges of $14.18 billion.