Exhibit 12
UNISYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
($ in millions)
Three
Months
Ended Years Ended December 31
Mar. 31, -----------------------------------
2000 1999 1998 1997 1996 1995
--------- ---- ---- ---- ---- ----
FIXED CHARGES
Interest expense $ 20.5 $127.8 $171.7 $233.2 $249.7 $202.1
Interest capitalized during
the period 2.3 3.6 - - - -
Amortization of debt issuance
expenses 1.0 4.1 4.6 6.7 6.3 5.1
Portion of rental expense
representative of interest 11.6 46.3 49.1 51.8 59.8 65.9
------- ------ ------ ------ ------ ------
Total Fixed Charges 35.4 181.8 225.4 291.7 315.8 273.1
------- ------ ------ ------ ------ ------
EARNINGS
Income (loss) from continuing
operations before income taxes 161.4 770.3 594.2 (748.1) 80.2 (786.0)
Add (deduct) share of loss
(income) of associated
companies (.1) 8.9 (.3) 5.9 (4.9) 5.0
------- ------ ------ ------ ------- ------
Subtotal 161.3 779.2 593.9 (742.2) 75.3 (781.0)
------- ------ ------ ------ ------- ------
Fixed charges per above 35.4 181.8 225.4 291.7 315.8 273.1
Less interest capitalized during
the period (2.3) (3.6) - - - -
------- ------ ------ ------ ------ -------
Total earnings (loss) $ 194.4 $957.4 $819.3 $(450.5)$391.1$(507.9)
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Ratio of earnings to fixed
charges 5.49 5.27 3.63 * 1.24 *
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* Earnings for the years ended December 31, 1997 and 1995 were inadequate
to cover fixed charges by approximately $742.2 and $781.0 million,
respectively.