EX-12 9 ex12.htm EXHIBIT 12 ex12.htm

Exhibit 12

COMPUTER SCIENCES CORPORATION
Ratio of Earnings to Fixed Charges
(Dollars in Thousands)

The following table sets forth information regarding our ratio of earnings to fixed charges for the periods shown.  In calculating the ratio of earnings to fixed charges, earnings represent the sum of (i) income from continuing operations before income taxes and minority interest, (ii) (income)/loss for equity method investees, (iii) fixed charges, (iv) amortization of capitalized interest, (v) distributed income of equity method investees and (vi) our share of pre-tax losses in equity method investees, minus interest capitalized.  Fixed charges represent the sum of (i) interest expensed and capitalized, (ii) amortized premiums, discounts and capitalized expenses related to indebtedness, (iii) estimated interest within rental expense and (iv) preference security dividend requirements of consolidated subsidiaries.

   
Fiscal Year Ended
  
   
April 3,
    
March 28,
    
March 30,
    
March 31,
    
April 1,
  
   
2009
    
2008
    
2007
    
2006
    
2005
  
Ratio of earnings to fixed charges
     4.74       3.72       2.75       4.01       3.40  
Earnings
                                        
Adjusted income before taxes (1)
   $ 941,916     $ 919,525     $ 607,940     $ 761,290     $ 703,906  
Plus: Fixed Charges
     248,663       331,493       336,460       248,303       287,121  
Plus: Other Expenses
                                        
(Income)/loss for equity method investees
     (15,497 )     (12,721 )     (13,148 )     (11,149 )     (8,168 )
Amortization of capitalized interest
     212       264       264       310       310  
Distributed income of equity method investees
     12,066       11,319       10,134       10,062       3,587  
Minority interest
     (8,345 )     (14,346 )     (14,788 )     (10,639 )     (11,374 )
Preference security dividend requirements of consolidated subsidiaries
     (628 )     (801 )     (782 )     (591 )     (409 )
Total earnings
   $ 1,178,387     $ 1,234,733     $ 926,080     $ 997,586     $ 974,973  
                                         
Fixed charges
                                        
Interest expense (2)
   $ 260,493     $ 185,400     $ 217,900     $ 145,100     $ 173,700  
Imputed interest on operating leases  (3)
     104,367       107,100       115,033       99,867       110,267  
Tax Interest
     (120,523 )     35,300       --       --       --  
Amortized premiums, discounts and capitalized expenses related to indebtedness
     3,698       2,892       2,745       2,745       2,745  
Preference security dividend requirements of consolidated subsidiaries
     628       801       782       591       409  
                                         
Total fixed charges
   $ 248,663     $ 331,493     $ 336,460     $ 248,303     $ 87,121  
                                         
Ratio of earnings to fixed charges
     4.74       3.72       2.75       4.02       3.40  
                                         
Lease rental expense
   $ 313,100     $ 321,300     $ 345,100     $ 299,600     $ 330,800  
                                         
                                         
                                         
(1) Adjusted income before taxes excludes minority interest in consolidated subsidiaries and (income)/loss for equity method investees.
  
(2) Interest expense according to periodic filings.
                                        
(3) Imputed interest on operating leases is estimated to be one-third of current fiscal year lease rental expense.