EX-12 3 q22018-ex12.htm EXHIBIT 12 Exhibit


Exhibit 12
UNISYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS (UNAUDITED)
($ in millions)
 
 
 
Six Months Ended
June 30, 2018
 
Years Ended December 31,
 
 
 
2017
 
2016
 
2015
 
2014
 
2013
Fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
32.3

 
$
52.8

 
$
27.4

 
$
11.9

 
$
9.2

 
$
9.9

Interest capitalized during the period
 
2.6

 
4.2

 
3.0

 
3.1

 
4.0

 
3.2

Amortization of revolving credit facility expenses
 
0.1

 
0.7

 
0.4

 
1.5

 
1.6

 
1.6

Portion of rental expense representative of interest
 
11.6

 
23.9

 
25.8

 
26.9

 
27.9

 
28.4

Total Fixed Charges
 
46.6

 
81.6

 
56.6

 
43.4

 
42.7

 
43.1

Preferred stock dividend requirements(i)
 
—

 
—

 
—

 
—

 
2.7

 
16.2

Total fixed charges and preferred stock dividends
 
46.6

 
81.6

 
56.6

 
43.4

 
45.4

 
59.3

Earnings
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
82.9

 
(72.1
)
 
20.5

 
(58.8
)
 
145.5

 
219.4

Add amortization of capitalized interest
 
1.8

 
3.2

 
3.1

 
3.7

 
4.5

 
5.0

Subtotal
 
84.7

 
(68.9
)
 
23.6

 
(55.1
)
 
150.0

 
224.4

Fixed charges per above
 
46.6

 
81.6

 
56.6

 
43.4

 
42.7

 
43.1

Less interest capitalized during the period
 
(2.6
)
 
(4.2
)
 
(3.0
)
 
(3.1
)
 
(4.0
)
 
(3.2
)
Total earnings
 
$
128.7

 
$
8.5

 
$
77.2

 
$
(14.8
)
 
$
188.7

 
$
264.3

Ratio of earnings to fixed charges
 
2.76

 
*

 
1.36

 
*

 
4.42

 
6.13

Ratio of earnings to fixed charges and preferred stock dividends(ii)
 
2.76

 
N/A

 
1.36

 
N/A

 
4.16

 
4.46

 
(i)
Amounts have not been grossed up for income taxes since the preferred stock was issued by the U.S. parent corporation which has a valuation allowance against its net deferred tax assets.
(ii)
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.
*
Earnings for the years ended December 31, 2017 and 2015 were inadequate to cover fixed charges by $73.1 million and $58.2 million, respectively.