Exhibit 12
UNISYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
($ in millions)
Nine
Months
Ended Years Ended December 31
Sept 30, -------------------------------------
1999 1998 1997 1996 1995 1994
------- ---- ---- ---- ---- ----
Income (loss) from continuing
operations before income taxes $548.3 $594.2 $(748.1) $ 80.2 $(786.0) $ 17.4
Add (deduct) share of loss
(income) of associated
companies 14.2 ( .3) 5.9 (4.9) 5.0 16.6
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Subtotal 562.5 593.9 (742.2) 75.3 (781.0) 34.0
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Interest expense 103.0 171.7 233.2 249.7 202.1 203.7
Amortization of debt issuance
expenses 3.1 4.6 6.7 6.3 5.1 6.2
Portion of rental expense
representative of interest 36.8 49.1 51.8 59.8 65.9 65.6
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Total Fixed Charges 142.9 225.4 291.7 315.8 273.1 275.5
------ ------ ------- ------ ------ ------
Earnings (loss) from continuing
operations before income
taxes and fixed charges $705.4 $819.3 $(450.5) $391.1 $(507.9) $309.5
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Ratio of earnings to fixed
charges 4.94 3.63 (a) 1.24 (a) 1.12
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(a) Earnings for the years ended December 31, 1997 and 1995 were inadequate
to cover fixed charges by approximately $742.2 and $781.0 million,
respectively.