EX-12 2 a2220112zex-12.htm EX-12

Exhibit 12

 

CBS CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Tabular dollars in millions, except ratios)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

March 31,

 

December 31,

 

 

 

2014

 

2013

 

2013

 

2012

 

2011

 

2010

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations before income taxes and equity in loss of investee companies

 

$

720

 

$

705

 

$

2,897

 

$

2,561

 

$

2,179

 

$

1,335

 

$

577

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from investee companies

 

4

 

3

 

13

 

17

 

13

 

 

2

 

Interest expense, net of capitalized interest

 

106

 

95

 

376

 

402

 

435

 

527

 

540

 

1/3 of rental expense

 

39

 

41

 

168

 

162

 

161

 

161

 

167

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Earnings from continuing operations

 

$

869

 

$

844

 

$

3,454

 

$

3,142

 

$

2,788

 

$

2,023

 

$

1,286

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of capitalized interest

 

$

106

 

$

95

 

$

376

 

$

402

 

$

435

 

$

527

 

$

540

 

1/3 of rental expense

 

39

 

41

 

168

 

162

 

161

 

161

 

167

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

145

 

$

136

 

$

544

 

$

564

 

$

596

 

$

688

 

$

707

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

6.0x

 

6.2x

 

6.3x

 

5.6x

 

4.7x

 

2.9x

 

1.8x