Stagwell (STGW) 10-Q 2011 Q2 Quarterly report

Exhibit 12

Statement of Computation of Ratio of Earnings to Fixed Charges

	Six Months Ended June 30,
	2011			2010
	(000’s)			(000’s)
Earnings:
Loss from continuing operations attributable to MDC Partners Inc.	$	(7,360	)	$	(14,583	)
Additions:
Income tax expense		946			801
Noncontrolling interest in income of consolidated subsidiaries		4,132			3,056
Fixed charges, as shown below		24,494			18,155
Distributions received from equity-method investees		3,967			7
		33,539			22,019
Subtractions:
Equity in income (loss) of investees		334			(143	)
Noncontrolling interest in earnings of consolidated subsidiaries that have not incurred fixed charges		—			—
		334			(143	)
Earnings as adjusted	$	25,845		$	7,579
Fixed charges:
Interest on indebtedness, expensed or capitalized		19,072			14,591
Amortization of debt discount and expense and premium on indebtedness, expensed or capitalized		1,158			862
Interest within rent expense		4,264			2,702
Total fixed charges	$	24,494		$	18,155
Ratio of earnings to fixed charges		1.06			N/A
Fixed charge deficiency	$	N/A		$	10,576