EX-12.1 2 ex-12_1.htm EXHIBIT 12.1 ex-12_1.htm
Exhibit 12.1
 
STATEMENT REGARDING COMPUTATION
OF RATIO OF EARNINGS TO FIXED CHARGES
 
MANPOWER INC.
(in millions)


     
9 Months Ended
  
     
September 30, 2009
  
         
 
Earnings:
      
 
    Earnings before income taxes
   $
 (43.4
 ) 
 
    Fixed charges
     138.5  
      $ 95.1  
           
           
           
 
Fixed charges:
        
 
    Interest (expensed or capitalized)
   $ 48.2  
 
    Estimated interest portion of rent expense
     90.3  
      $ 138.5  
           
           
 
Ratio of earnings to fixed charges
     0.7  


   
2008
    
2007
    
2006
    
2005
    
2004
  
Earnings:
                              
     Earnings before income taxes from continuing operations
   $ 458.3     $ 791.2     $ 481.9     $ 387.0     $ 371.6  
     Fixed charges
     200.9       185.2       162.8       153.2       153.0  
    $ 659.2     $ 976.4     $ 644.7     $ 540.2     $ 524.6  
                                         
Fixed charges:
                                        
     Interest (expensed or capitalized)
   $ 64.2     $ 65.0     $ 54.1     $ 46.7     $ 45.3  
     Estimated interest portion of rent expense
     136.7       120.2       108.7       106.5       107.7  
    $ 200.9     $ 185.2     $ 162.8     $ 153.2     $ 153.0  
                                         
Ratio of earnings to fixed charges
     3.3       5.3       4.0       3.5       3.4  

 
   
Note:
The calculation of ratio of earnings to fixed charges set forth above is in accordance with Regulation S-K, Item 601(b)(12). This calculation is different than the fixed charge ratio that is required by our various borrowing facilities.