EX-12 5 d627493dex12.htm EX-12 EX-12

Exhibit 12

UNISYS CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND

PREFERRED STOCK DIVIDENDS (UNAUDITED)

($ in millions)

 

     Years Ended December 31  
     2013     2012     2011     2010     2009  

Fixed charges

        

Interest expense

   $ 9.9      $ 27.5      $ 63.1      $ 101.8      $ 95.2   

Interest capitalized during the period

     3.2        5.3        4.9        9.1        7.5   

Amortization of debt issuance expenses

     1.6        1.7        1.9        2.6        3.3   

Portion of rental expense representative of interest

     28.4        28.2        32.6        33.5        34.9   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Charges

     43.1        62.7        102.5        147.0        140.9   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Preferred stock dividend requirements (a)

     16.2        16.2        13.5        —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges and preferred stock dividends

     59.3        78.9        116.0        147.0        140.9   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings

        

Income (loss) from continuing operations before income taxes

     219.4        254.1        206.0        222.9        218.2   

Add amortization of capitalized interest

     5.0        7.5        7.4        9.1        11.6   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal

     224.4        261.6        213.4        232.0        229.8   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges per above

     43.1        62.7        102.5        147.0        140.9   

Less interest capitalized during the period

     (3.2     (5.3     (4.9     (9.1     (7.5
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings

   $ 264.3      $ 319.0      $ 311.0      $ 369.9      $ 363.2   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

     6.13        5.09        3.03        2.52        2.58   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges and preferred stock dividends (b)

     4.46        4.04        2.68        2.52        2.58   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) Amounts have not been grossed up for income taxes since the preferred stock was issued by the U.S. parent corporation which has a full valuation allowance against its net deferred tax assets.
(b) The ratio of earnings to fixed charges and preferred stock dividends is calculated by dividing total earnings by total fixed charges and preferred stock dividends.