EX-12.1 3 dex121.htm COMPUTATION OF RATIO OF EARNINGS Computation of Ratio of Earnings

Exhibit 12.1

 

STATEMENT REGARDING COMPUTATION

OF RATIO OF EARNINGS TO FIXED CHARGES

 

MANPOWER INC.

(in millions)

 

     3 Months Ended
March 31, 2004

Earnings:

       

Earnings before income taxes

    $ 60.2

Fixed charges

      36.8
    
     $ 97.0
    

Fixed charges:

       

Interest (expensed or capitalized)

    $ 11.1

Estimated interest portion of rent expense

      25.7
    
     $ 36.8
    

Ratio of earnings to fixed charges

      2.6
    

 

     Years Ended December 31,
     2003
    2002
    2001
    2000
    1999

Earnings:

                                   

Earnings before income taxes

    $ 222.1    $ 188.0    $ 197.9    $ 265.2    $ 205.8

Fixed charges

      125.0      116.5      107.4      94.0      71.6
    
  
  
  
  
     $ 347.1    $ 304.5    $ 305.3    $ 359.2    $ 277.4
    
  
  
  
  

Fixed charges:

                                   

Interest (expensed or capitalized)

    $ 41.4    $ 42.4    $ 39.1    $ 35.0    $ 17.3

Estimated interest portion of rent expense

      83.6      74.1      68.3      59.0      54.3
    
  
  
  
  
     $ 125.0    $ 116.5    $ 107.4    $ 94.0    $ 71.6
    
  
  
  
  

Ratio of earnings to fixed charges

      2.8      2.6      2.8      3.8      3.9
    
  
  
  
  

 

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.