Stagwell (STGW) 10-K 2017 FY Annual report

Exhibit 12

Statement of Computation of Ratio of Earnings to Fixed Charges

	Twelve Months Ended December 31,
	2017			2016			2015			2014			2013
Earnings:
Income (Loss) from continuing operations attributable to MDC Partners Inc.	$	205,594		$	(45,839	)	$	(29,173	)	$	(2,797	)	$	(139,663	)
Additions:
Income taxes (recovery)	(168,064		)	(9,404		)	3,761			12,422			(4,367		)
Noncontrolling interest in earnings of consolidated subsidiaries	15,375			5,218			9,054			6,890			6,461
Fixed charges, as shown below	85,552			117,055			73,184			69,001			113,188
Distributions received from equity-method investees	1,167			123			652			726			3,096
	(65,970		)	112,992			86,651			89,039			118,378
Subtractions:
Equity in income (loss) of nonconsolidated affiliates	2,081			(309		)	1,058			1,406			281
Noncontrolling interest in earnings of consolidated subsidiaries that have not incurred fixed charges	—			—			—			—			—
	2,081			(309		)	1,058			1,406			281
Earnings (loss) as adjusted	173,797			67,462			56,420			84,836			(21,566		)
Fixed charges:
Interest on indebtedness, expensed or capitalized	68,145			90,021			55,633			53,018			92,936
Amortization of debt discount and expense and premium on indebtedness, expensed or capitalized	3,022			9,135			2,270			2,247			7,762
Interest within rent expense	20,429			17,899			15,281			13,736			12,490
Total fixed charges	$	85,552		$	117,055		$	73,184		$	69,001		$	113,188
Ratio of earnings to fixed charges	2.03			N/A			N/A			1.23			N/A
Dollar amount deficiency	N/A			$	49,593		$	16,764		N/A			$	134,754