ManpowerGroup (MAN) 10-Q 2012 Q3 Quarterly report

Exhibit 12.1

STATEMENT REGARDING COMPUTATION

OF RATIO OF EARNINGS TO FIXED CHARGES

MANPOWER INC.

(d/b/a ManpowerGroup)

(in millions)

	9 Months Ended
	September 30, 2012
Earnings:
Earnings before income taxes	$	273.6
Fixed charges		123.0
	$	396.6
Fixed charges:
Interest (expensed or capitalized)	$	30.4
Estimated interest portion of rent expense		92.6
	$	123.0
Ratio of earnings to fixed charges		3.2

	2011		2010			2009			2008		2007
Earnings:
Earnings before income taxes	$	479.9	$	(165.2	)	$	(22.9	)	$	442.6	$	777.0
Fixed charges		170.2		161.9			183.9			200.9		185.2
	$	650.1	$	(3.3	)	$	161.0		$	643.5	$	962.2
Fixed charges:
Interest (expensed or capitalized)	$	43.1	$	42.4		$	61.7		$	64.2	$	65.0
Estimated interest portion of rent expense		127.1		119.5			122.2			136.7		120.2
	$	170.2	$	161.9		$	183.9		$	200.9	$	185.2
Ratio of earnings to fixed charges		3.8		(0.0	)		0.9			3.2		5.2

Note:	The calculation of ratio of earnings to fixed charges set forth above is in accordance with Regulation S-K, Item 601(b)(12). This calculation is different than the fixed charge ratio that is required by our various borrowing facilities.
	Our 2008 and 2007 results have been restated as disclosed in Note 16 to the Consolidated Financial Statements included in our 2009 Annual Report on Form 10-K.