Exhibit 12
UNISYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
($ in millions)
Six
Months
Ended
June 30, Years Ended December 31
-------------------------------------
1997 1996 1995 1994 1993 1992
---- ---- ---- ---- ---- ----
Income (loss) from continuing
operations before income taxes $ 97.1 $ 93.7 $(781.1) $ 14.6 $370.9 $301.3
Add (deduct) share of loss
(income) of associated
companies ( 3.3) ( 4.9) 5.0 16.6 14.5 3.2
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Subtotal 93.8 88.8 (776.1) 31.2 385.4 304.5
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Interest expense (net of
interest capitalized) 119.9 249.7 202.1 203.7 241.7 340.6
Amortization of debt issuance
expenses 3.6 6.3 5.1 6.2 6.6 4.8
Portion of rental expense
representative of interest 29.6 59.2 65.3 65.0 70.5 78.8
------- ------ ------- ------ ------ ------
Total Fixed Charges 153.1 315.2 272.5 274.9 318.8 424.2
------- ------ ------- ------ ------ ------
Earnings (loss) from continuing
operations before income
taxes and fixed charges $246.9 $404.0 $(503.6) $306.1 $704.2 $728.7
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Ratio of earnings to fixed
charges 1.61 1.28 (a) 1.11 2.21 1.72
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<FN>
(a) Earnings for the year ended December 31, 1995 was inadequate to cover
fixed charges by approximately $776.1 million.