Stagwell (STGW) 10-Q 2009 Q3 Quarterly report

Exhibit 12

Statement of Computation of Ratio of Earnings to Fixed Charges

	Nine Months Ended September 30,
	2009		2008
	(000’s)		(000’s)
Earnings:
Income from continuing operations attributable to MDC Partners Inc.	$	503	$	2,084
Additions:
Income tax expense		3,373		6,415
Noncontrolling interest in income of consolidated subsidiaries		3,569		6,533
Fixed charges, as shown below		15,326		15,282
Distributions received from equity-method investees		139		68
		22,407		28,298
Subtractions:
Equity in income of investees		258		290
Noncontrolling interest in earnings of consolidated subsidiaries that have not incurred fixed charges		—		—
		258		290
Earnings as adjusted	$	22,652	$	30,092
Fixed charges:
Interest on indebtedness, expensed or capitalized		10,297		10,104
Amortization of debt discount and expense and premium on indebtedness, expensed or capitalized		979		1,036
Interest within rent expense		4,050		4,142
Total fixed charges	$	15,326	$	15,282
Ratio of earnings to fixed charges		1.48		1.97