Exhibit 12   
 
 
    
                             UNISYS CORPORATION    
       COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)    
                               ($ in millions)    
    
 
                                Nine    
                                Months    
                                Ended    
                                Sept.30,        Years Ended December 31    
                                -------- -------------------------------------    
                                1997     1996     1995     1994   1993    1992    
                                ----     ----     ----     ----   ----    ----    
                                                        
Income (loss) from continuing    
 operations before income taxes $177.9  $ 93.7  $(781.1) $ 14.6  $370.9  $301.3    
Add (deduct) share of loss     
  (income) of associated     
  companies                      ( 3.5)  ( 4.9)     5.0    16.6    14.5     3.2    
                                ------- ------  -------  ------  ------  ------    
    Subtotal                     174.4    88.8   (776.1)   31.2   385.4   304.5    
                                ------- ------  -------  ------  ------  ------    
Interest expense (net of     
  interest capitalized)          179.4   249.7    202.1   203.7   241.7   340.6    
Amortization of debt issuance    
  expenses                         5.4     6.3      5.1     6.2     6.6     4.8    
Portion of rental expense    
  representative of interest      44.4    59.2     65.3    65.0    70.5    78.8    
                                ------- ------  -------  ------  ------  ------    
    Total Fixed Charges          229.2   315.2    272.5   274.9   318.8   424.2    
                                ------- ------  -------  ------  ------  ------    
Earnings (loss) from continuing    
  operations before income     
  taxes and fixed charges       $403.6  $404.0  $(503.6) $306.1  $704.2  $728.7    
                                ======  ======  =======  ======  ======  ======    
Ratio of earnings to fixed     
  charges                         1.76    1.28     (a)     1.11    2.21    1.72    
                                ======  ======  =======  ======  ======  ======    
 
    
(a) Earnings for the year ended December 31, 1995 was inadequate to cover  
fixed charges by approximately $776.1 million.