ManpowerGroup (MAN) 10-Q2014 Q1 Quarterly report

Filed: 30 Apr 14, 12:00am

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Exhibit 12.1

STATEMENT REGARDING COMPUTATION

OF RATIO OF EARNINGS TO FIXED CHARGES

MANPOWERGROUP INC.

(in millions)

	3 Months Ended
	March 31, 2014

Earnings:
Earnings before income taxes	$	117.7
Fixed charges		33.7
	$	151.4

Fixed charges:
Interest (expensed or capitalized)	$	8.8
Estimated interest portion of rent expense		24.9
	$	33.7


Ratio of earnings to fixed charges		4.5

	2013		2012		2011		2010			2009
Earnings:
Earnings before income taxes	$	475.5	$	368.4	$	479.9	$	(165.2	)	$	(22.9	)
Fixed charges		159.7		165.1		170.2		161.9			183.9
	$	635.2	$	533.5	$	650.1	$	(3.3	)	$	161.0

Fixed charges:
Interest (expensed or capitalized)	$	43.2	$	42.5	$	43.1	$	42.4		$	61.7
Estimated interest portion of rent expense		116.5		122.6		127.1		119.5			122.2
	$	159.7	$	165.1	$	170.2	$	161.9		$	183.9

Ratio of earnings to fixed charges		4.0		3.2		3.8		(0.0	)		0.9

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.