Exhibit 12
FIRST DATA CORPORATION
COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
Years Ended December 31, | |||||||||||||||
2005 (Restated) | 2004 (Restated) | 2003 (Restated) | 2002 (Restated) | 2001 (Restated) | |||||||||||
Earnings: | |||||||||||||||
Income before income taxes (1) | $ | 2,326.2 | $ | 2,603.2 | $ | 1,998.6 | $ | 1,302.8 | $ | 1,095.4 | |||||
Interest expense | 228.3 | 136.8 | 107.1 | 110.8 | 117.1 | ||||||||||
Other adjustments | 40.2 | 44.8 | 47.6 | 48.4 | 49.1 | ||||||||||
Total earnings (a) | $ | 2,594.7 | $ | 2,784.8 | $ | 2,153.3 | $ | 1,462.0 | $ | 1,261.6 | |||||
Fixed charges: | |||||||||||||||
Interest expense | $ | 228.3 | $ | 136.8 | $ | 107.1 | $ | 110.8 | $ | 117.1 | |||||
Other adjustments | 40.2 | 44.8 | 47.6 | 48.4 | 49.1 | ||||||||||
Total fixed charges (b) | $ | 268.5 | $ | 181.6 | $ | 154.7 | $ | 159.2 | $ | 166.2 | |||||
Ratio of earnings to fixed charges (a/b) | 9.66 | 15.33 | 13.92 | 9.18 | 7.59 |
(1) | Income before income taxes includes minority interest and equity earnings in affiliates, and excludes discontinued operations and cumulative effect of a change in accounting principle. Reflecting such amounts on a cash basis would not materially impact the ratio due to the frequency of cash distributions. |
For purposes of computing the ratio of earnings to fixed charges, fixed charges consist of interest on debt, amortization of deferred financing costs and a portion of rentals determined to be representative of interest. Earnings consist of income before income taxes plus fixed charges.