Exhibit 12
UNISYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
($ in millions)
Three
Months
Ended Years Ended December 31
Mar. 31, ----------------------------------
2002 2001 2000 1999 1998 1997
-------- ---- ---- ---- ---- ----
Fixed charges
Interest expense $ 17.5 $ 70.0 $ 79.8 $127.8 $171.7 $233.2
Interest capitalized during
the period 3.2 11.8 11.4 3.6 - -
Amortization of debt issuance
expenses .7 2.7 3.2 4.1 4.6 6.7
Portion of rental expense
representative of interest 13.5 53.9 42.2 46.3 49.1 51.8
------ ------ ------ ------ ------ -------
Total Fixed Charges 34.9 138.4 136.6 181.8 225.4 291.7
------ ------ ------ ------ ------ -------
Earnings
Income (loss) from continuing
operations before income taxes 32.7 (46.5) 379.0 770.3 594.2 (748.1)
Add (deduct) the following:
Share of loss (income) of
associated companies (.2) (8.6) (20.5) 8.9 (.3) 5.9
Amortization of capitalized
interest 1.8 5.4 2.2 - - -
------ ------ ------ ------ ------ ------
Subtotal 34.3 (49.7) 360.7 779.2 593.9 (742.2)
------ ------ ------ ------ ------ ------
Fixed charges per above 34.9 138.4 136.6 181.8 225.4 291.7
Less interest capitalized during
the period (3.2) (11.8) (11.4) (3.6) - -
------ ------ ------ ------ ----- ------
Total earnings (loss) $ 66.0 $76.9 $485.9 $957.4 $819.3 $(450.5)
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Ratio of earnings to fixed
charges 1.89 * 3.56 5.27 3.63 *
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* Earnings for the years ended December 31, 2001 and 1997 were inadequate to
cover fixed charges by approximately $61.5 million and $742.2 million,
respectively.