Exhibit 12
UNISYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
($ in millions)
Years Ended December 31
---------------------------------------
1997 1996 1995 1994 1993
---- ---- ---- ---- ----
Income (loss) from continuing
operations before income taxes $(758.8) $ 93.7 $(781.1) $ 14.6 $370.9
Add (deduct) share of loss
(income) of associated
companies 5.9 (4.9) 5.0 16.6 14.5
------- ------ ------ ------ ------
Subtotal (752.9) 88.8 (776.1) 31.2 385.4
------- ------ ------ ------ ------
Interest expense (net of
interest capitalized) 233.2 249.7 202.1 203.7 241.7
Amortization of debt issuance
expenses 6.7 6.3 5.1 6.2 6.6
Portion of rental expense
representative of interest 57.2 59.2 65.3 65.0 70.5
------- ------- ------ ------ ------
Total Fixed Charges 297.1 315.2 272.5 274.9 318.8
------- ------- ------ ------ ------
Earnings (loss) from continuing
operations before income
taxes and fixed charges $(455.8) $404.0 $(503.6) $306.1 $704.2
======= ======= ======= ====== ======
Ratio of earnings to fixed
charges * 1.28 * 1.11 2.21
======= ======= ======= ====== ======
* Earnings for the years ended December 31, 1997 and 1995 were inadequate to
cover fixed charges by approximately $752.9 million and $776.1 million,
respectively.