ManpowerGroup (MAN) 10-Q 2016 Q3 Quarterly report

Exhibit 12.1

STATEMENT REGARDING COMPUTATION

OF RATIO OF EARNINGS TO FIXED CHARGES

MANPOWERGROUP INC.

(in millions)

	9 Months Ended
	September 30, 2016
Earnings:
Earnings before income taxes	$	504.4
Fixed charges	71.7
	$	576.1
Fixed charges:
Interest (expensed or capitalized)	$	30.3
Estimated interest portion of rent expense	41.4
	$	71.7
Ratio of earnings to fixed charges	8.0

	2015		2014		2013		2012		2011
Earnings:
Earnings before income taxes	$	660.7	$	681.6	$	475.5	$	368.4	$	479.9
Fixed charges	118.4		133.6		159.7		165.1		170.2
	$	779.1	$	815.2	$	635.2	$	533.5	$	650.1
Fixed charges:
Interest (expensed or capitalized)	$	38.6	$	35.1	$	43.2	$	42.5	$	43.1
Estimated interest portion of rent expense	79.8		98.5		116.5		122.6		127.1
	$	118.4	$	133.6	$	159.7	$	165.1	$	170.2
Ratio of earnings to fixed charges	6.6		6.1		4.0		3.2		3.8

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.