Stagwell (STGW) 10-K 2012 FY Annual report

Exhibit 12

Statement of Computation of Ratio of Earnings to Fixed Charges

	Twelve Months Ended December 31,
	2012			2011			2010			2009			2008
Earnings:
Income (Loss) from continuing operations attributable to MDC Partners Inc.	$	(80,011	)	$	(81,507	)	$	(10,555	)	$	(15,087	)	$	11,329
Additions:
Income taxes (recovery)		9,553			41,735			(165	)		8,536			2,397
Noncontrolling interest in earnings of consolidated subsidiaries		6,012			8,387			10,378			5,566			8,300
Fixed charges, as shown below		58,450			50,686			39,538			27,360			20,493
Distributions received from equity-method investees		1,288			4,584			638			198			440
		75,303			105,392			50,389			41,660			31,630
Subtractions:
Equity in income (loss) of nonconsolidated affiliates		633			213			866			(8	)		349
Noncontrolling interest in earnings of consolidated subsidiaries that have not incurred fixed charges		—			—			—			—			—
		633			213			866			(8	)		349
Earnings (loss) as adjusted		(5,341	)		23,672			38,968			26,581			42,610
Fixed charges:
Interest on indebtedness, expensed or capitalized		44,322			39,747			31,351			18,057			13,650
Amortization of debt discount and expense and premium on indebtedness, expensed or capitalized		2,249			2,175			2,136			4,041			1,348
Interest within rent expense		11,879			8,764			6,051			5,262			5,495
Total fixed charges	$	58,450		$	50,686		$	39,538		$	27,360		$	20,493
Ratio of earnings to fixed charges		N/A			N/A			N/A			N/A			2.08
Dollar amount deficiency	$	63,791		$	27,014		$	570			779			N/A