Exhibit 12
UNISYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
($ in millions)
Three
Months
Ended Years Ended December 31
Mar. 31, -----------------------------------
2005 2004 2003 2002 2001 2000
-------- ---- ---- ---- ---- ----
Fixed charges
Interest expense $ 12.6 $ 69.0 $ 69.6 $ 66.5 $ 70.0 $ 79.8
Interest capitalized during
the period 5.9 16.3 14.5 13.9 11.8 11.4
Amortization of debt issuance
expenses .8 3.5 3.8 2.6 2.7 3.2
Portion of rental expense
representative of interest 15.4 61.6 55.2 53.0 53.9 42.2
------ ------ ------ ------ ------ -----
Total Fixed Charges 34.7 150.4 143.1 136.0 138.4 136.6
------ ------ ------ ------ ------ -----
Earnings
Income (loss) from continuing
operations before income taxes (78.3) (76.0) 380.5 332.8 (73.0) 348.5
Add (deduct) the following:
Share of loss (income) of
associated companies 4.3 (14.0) (16.2) 14.2 ( 8.6) (20.5)
Amortization of capitalized
interest 3.1 11.7 10.2 8.8 5.4 2.2
------ ------ ------ ------ ------ -----
Subtotal (70.9) (78.3) 374.5 355.8 (76.2) 330.2
------ ------ ------ ------ ------ -----
Fixed charges per above 34.7 150.4 143.1 136.0 138.4 136.6
Less interest capitalized during
the period (5.9) (16.3) (14.5) (13.9) (11.8) (11.4)
------ ------ ------ ------ ------ ------
Total earnings (loss) $(42.1) $ 55.8 $503.1 $477.9 $ 50.4 $455.4
====== ====== ====== ====== ====== ======
Ratio of earnings to fixed
charges * * 3.52 3.51 * 3.33
====== ====== ====== ====== ====== =====
* Earnings for the three months ended March 31, 2005 and for the years ended
December 31, 2004 and 2001 were inadequate to cover fixed charges by $76.8
million, $94.6 million and $88.0 million, respectively.