Stagwell (STGW) 10-K 2008 FY Annual report

Exhibit 12

Statement of Computation of Ratio of Earnings to Fixed Charges

	Twelve Months Ended  December 31,
	2008		2007			2006			2005			2004
Earnings:
Income (Loss) from continuing operations	$	10,148	$	(18,182	)	$	(8,312	)	$	(7,539	)	$	6,716
Additions:
Income taxes		2,397		6,082			7,332			3,402			471
Minority interest in earnings of consolidated subsidiaries		8,136		20,517			16,715			21,587			9,186
Fixed charges, as shown below		20,571		19,035			15,993			12,085			10,634
Distributions received from equity-method investees		440		—			940			1,796			7,269
		31,544		45,634			40,980			38,870			27,560
Subtractions:
Equity in income of investees		349		165			168			1,402			3,651
Minority interest in earnings of consolidated subsidiaries that have not incurred fixed charges		—		—			—			—			—
		349		165			168			1,402			3,651
Earnings as adjusted		41,343		27,287			32,500			29,929			30,625
Fixed charges:
Interest on indebtedness, expensed or capitalized		13,650		11,471			9,077			6,472			4,912
Amortization of debt discount and expense and premium on indebtedness, expensed or capitalized		1,348		2,330			2,213			1,305			2,370
Interest within rent expense		5,573		5,234			4,703			4,308			3,352
Total fixed charges	$	20,571	$	19,035		$	15,993			12,085			10,634
Ratio of earnings to fixed charges		2.01		1.43			2.03			2.48			2.88