EX-12 3 d265690dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12

UNISYS CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)

($ in millions)

 

     Years Ended December 31  
     2011     2010     2009     2008     2007  

Fixed charges

          

Interest expense

   $ 63.1      $ 101.8      $ 95.2      $ 85.1      $ 76.3   

Interest capitalized during the period

     4.9        9.1        7.5        9.0        9.1   

Amortization of debt issuance expenses

     1.9        2.6        3.3        4.1        3.8   

Portion of rental expense representative of interest

     32.6        33.5        34.9        46.9        52.4   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Charges

     102.5        147.0        140.9        145.1        141.6   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Preferred Stock dividend requirements (a)

     13.5        —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Charges and Preferred stock dividends

     116.0        147.0        140.9        145.1        141.6   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings

          

Income (loss) from continuing operations before income taxes

     206.0        222.9        218.2        (97.6     14.8   

Add amortization of capitalized interest

     7.4        9.1        11.6        16.1        14.5   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal

     213.4        232.0        229.8        (81.5     29.3   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges per above

     102.5        147.0        140.9        145.1        141.6   

Less interest capitalized during the period

     (4.9     (9.1     (7.5     (9.0     (9.1
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings

   $ 311.0      $ 369.9      $ 363.2      $ 54.6      $ 161.8   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

     3.03        2.52        2.58        *        1.14   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges and preferred stock dividends

     2.80        2.52        2.58        **        1.14   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(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.
* Earnings for the year ended December 31, 2008 were inadequate to cover fixed charges by $90.5 million.
** Earnings for the year ended December 31, 2008 were inadequate to cover fixed charges and preferred stock dividends by $90.5 million.