Exhibit 12
UNISYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
($ in millions)
Six
Months
Ended Years Ended December 31
June 30, -----------------------------------
2008 2007 2006 2005 2004 2003
-------- ---- ---- ---- ---- ----
Fixed charges
Interest expense $ 42.8 $ 76.3 $ 77.2 $ 64.7 $ 69.0 $ 69.6
Interest capitalized during
the period 5.0 9.1 9.9 15.0 16.3 14.5
Amortization of debt issuance
expenses 2.0 3.8 3.8 3.4 3.5 3.8
Portion of rental expense
representative of interest 28.0 55.9 56.7 60.9 61.6 55.2
----- ------ ------ ------ ------ -----
Total Fixed Charges 77.8 145.1 147.6 144.0 150.4 143.1
----- ------ ------ ------ ------ -----
Earnings
Income (loss) from continuing
operations before income taxes (10.0) 3.5 (250.9)(170.9) (76.0) 380.5
Add (deduct) the following:
Share of loss (income) of
associated companies - - 4.5 (7.2) (14.0) (16.2)
Amortization of capitalized
interest** 6.4 17.8 13.7 12.9 11.7 10.2
----- ------ ------ ------ ------ -----
Subtotal (3.6) 21.3 (232.7)(165.2) (78.3) 374.5
----- ------ ------ ------ ------ -----
Fixed charges per above 77.8 145.1 147.6 144.0 150.4 143.1
Less interest capitalized during
the period (5.0) (9.1) (9.9) (15.0) (16.3) (14.5)
----- ------ ------ ------ ------ ------
Total earnings (loss) $69.2 $157.3 $(95.0)$(36.2)$ 55.8 $503.1
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Ratio of earnings to fixed
charges * 1.08 * * * 3.52
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* Earnings for the six months and years ended June 30, 2008, December 31, 2006,
2005 and 2004 were inadequate to cover fixed charges by $8.6 million, $242.6
million, $180.2 million and $94.6 million, respectively.
** The amount of amortization of capitalized interest as well as the resulting
ratio of earnings to fixed charges for 2007 have been restated to increase the
amortization by $3.3 million and the ratio by .02, respectively.