Exhibit 12
UNISYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
($ in millions)
Six
Months
Ended Years Ended December 31
June 30, -----------------------------------
2001 2000 1999 1998 1997 1996
--------- ---- ---- ---- ---- ----
Fixed charges
Interest expense $ 33.5 $ 79.8 $127.8 $171.7 $233.2 $249.7
Interest capitalized during
the period 5.8 11.4 3.6 - - -
Amortization of debt issuance
expenses 1.3 3.2 4.1 4.6 6.7 6.3
Portion of rental expense
representative of interest 21.1 42.2 46.3 49.1 51.8 59.8
------ ------ ----- ----- ----- -----
Total Fixed Charges 61.7 136.6 181.8 225.4 291.7 315.8
------ ------ ------ ------ ------ ------
Earnings
Income (loss) from continuing
operations before income taxes 147.3 379.0 770.3 594.2 (748.1) 80.2
Add (deduct) the following:
Share of loss (income) of
associated companies (12.1) (20.5) 8.9 (.3) 5.9 (4.9)
Amortization of capitalized
interest 2.3 2.2 - - - -
------ ------ ------ ------ ------ ------
Subtotal 137.5 360.7 779.2 593.9 (742.2) 75.3
------ ------ ------ ------ ------ ------
Fixed charges per above 61.7 136.6 181.8 225.4 291.7 315.8
Less interest capitalized during
the period (5.8) (11.4) (3.6) - - -
------ ------ ------ ------ ------- ------
Total earnings (loss) $193.4 $485.9 $957.4 $819.3 $(450.5)$391.1
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Ratio of earnings to fixed
charges 3.13 3.56 5.27 3.63 * 1.24
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* Earnings for the year ended December 31, 1997 were inadequate to cover fixed
charges by approximately $742.2 million.