Exhibit 12
UNISYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Unaudited)
($ in millions)
Nine
Months
Ended Years Ended December 31
Sept. 30, --------------------------------
2003 2002 2001 2000 1999 1998
-------- ---- ---- ---- ---- ----
Fixed charges
Interest expense $ 51.3 $ 66.5 $ 70.0 $ 79.8 $127.8 $171.7
Interest capitalized during
the period 11.0 13.9 11.8 11.4 3.6 -
Amortization of debt issuance
expenses 2.9 2.6 2.7 3.2 4.1 4.6
Portion of rental expense
representative of interest 39.8 53.0 53.9 42.2 46.3 49.1
------ ------ ------ ------ ------ ------
Total Fixed Charges 105.0 136.0 138.4 136.6 181.8 225.4
------ ------ ------ ------ ------ ------
Earnings
Income (loss) from continuing
operations before income taxes 219.7 332.8 (73.0) 348.5 751.7 594.2
Add (deduct) the following:
Share of loss (income) of
associated companies (7.7) 14.2 (8.6) (20.5) 8.9 (.3)
Amortization of capitalized
interest 7.6 8.8 5.4 2.2 - -
------ ------ ------ ------ ------ ------
Subtotal 219.6 355.8 (76.2) 330.2 760.6 593.9
------ ------ ------ ------ ------ ------
Fixed charges per above 105.0 136.0 138.4 136.6 181.8 225.4
Less interest capitalized during
the period (11.0) (13.9) (11.8) (11.4) (3.6) -
------ ------ ------ ------ ------ ------
Total earnings $313.6 $477.9 $ 50.4 $455.4 $938.8 $819.3
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Ratio of earnings to fixed
charges 2.99 3.51 * 3.33 5.16 3.63
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* Earnings for the year ended December 31, 2001 were inadequate to cover fixed
charges by approximately $88.0 million.