EX-12.1 2 ex12_1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ex12_1.htm
Exhibit 12.1
 
STATEMENT REGARDING COMPUTATION
OF RATIO OF EARNINGS TO FIXED CHARGES
 
MANPOWER INC.
(in millions)


     
9 Months Ended
 
     
September 30, 2010
 
         
 
Earnings:
     
 
    Earnings before income taxes
  $
 187.4
 
 
    Fixed charges
     123.9  
      $ 311.3  
           
           
           
 
Fixed charges:
       
 
    Interest (expensed or capitalized)
  $ 33.9  
 
    Estimated interest portion of rent expense
    90.0  
      $ 123.9  
           
           
 
Ratio of earnings to fixed charges
    2.5  


   
2009
   
2008
   
2007
   
2006
   
2005
 
Earnings:
                             
     Earnings before income taxes from continuing operations
  $ (22.9 )   $ 442.6     $ 777.0     $ 481.9     $ 387.0  
     Fixed charges
    183.9       200.9       185.2       162.8       153.2  
    $ 161.0     $ 643.5     $ 962.2     $ 644.7     $ 540.2  
                                         
Fixed charges:
                                       
     Interest (expensed or capitalized)
  $ 61.7     $ 64.2     $ 65.0     $ 54.1     $ 46.7  
     Estimated interest portion of rent expense
    122.2       136.7       120.2       108.7       106.5  
    $ 183.9     $ 200.9     $ 185.2     $ 162.8     $ 153.2  
                                         
Ratio of earnings to fixed charges
    0.9       3.2       5.2       4.0       3.5  

 
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.
  Our 2008 and 2007 results have been restated as disclosed in Note 16 to the Consolidated Financial Statements included in our 2009 Annual Report to Shareholders.