Exhibit 12
UNISYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
($ in millions)
Six
Months
Ended Years Ended December 31
June 30, ----------------------------------
2004 2003 2002 2001 2000 1999
-------- ---- ---- ---- ---- ----
Fixed charges
Interest expense $ 35.2 $ 69.6 $ 66.5 $ 70.0 $ 79.8 $127.8
Interest capitalized during
the period 8.5 14.5 13.9 11.8 11.4 3.6
Amortization of debt issuance
expenses 1.7 3.8 2.6 2.7 3.2 4.1
Portion of rental expense
representative of interest 27.6 55.2 53.0 53.9 42.2 46.3
------ ------ ------ ------ ------ -----
Total Fixed Charges 73.0 143.1 136.0 138.4 136.6 181.8
------ ------ ------ ------ ------ -----
Earnings
Income (loss) from continuing
operations before income taxes 71.1 380.5 332.8 (73.0) 348.5 751.7
Add (deduct) the following:
Share of loss (income) of
associated companies (13.2) (16.2) 14.2 (8.6) (20.5) 8.9
Amortization of capitalized
interest 5.6 10.2 8.8 5.4 2.2 -
------ ------ ------ ------ ------ -----
Subtotal 63.5 374.5 355.8 (76.2) 330.2 760.6
------ ------ ------ ------ ------ -----
Fixed charges per above 73.0 143.1 136.0 138.4 136.6 181.8
Less interest capitalized during
the period ( 8.5) (14.5) (13.9) (11.8) (11.4) (3.6)
------ ------ ------ ------ ------ ------
Total earnings $128.0 $503.1 $477.9 $ 50.4 $455.4 $938.8
====== ====== ====== ====== ====== ======
Ratio of earnings to fixed
charges 1.75 3.52 3.51 * 3.33 5.16
====== ====== ====== ====== ====== =====
* Earnings for the year ended December 31, 2001 were inadequate to cover fixed
charges by approximately $88 million.