EX-12 3 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

EXHIBIT 12

 

FIRST DATA CORPORATION

 

COMPUTATION OF

RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in Millions)

 

      

Three months ended March 31,

      

2003

     

2002

Earnings:

                  

Income before income taxes(1)

     

$

403.6

     

$

334.2

Interest expense

     

 

26.4

     

 

30.7

Other adjustments

     

 

12.1

     

 

12.0

      
    

Total earnings (a)

     

$

442.1

     

$

376.9

      
    

Fixed charges:

                  

Interest expense

     

$

26.4

     

$

30.7

Other adjustments

     

 

12.1

     

 

12.0

      
    

Total fixed charges (b)

     

$

38.5

     

$

42.7

      
    

Ratio of earnings to fixed charges (a/b)

     

 

11.48

     

 

8.83

(1)   Income before income taxes includes minority interest and equity earnings in affiliates. Reflecting such amounts on a cash basis would not materially impact the ratio due to the frequency of cash distributions.

 

For purposes of computing the ratio of earnings to fixed charges, fixed charges consist of interest on debt, amortization of deferred financing costs and a portion of rentals determined to be representative of interest. Earnings consist of income before income taxes plus fixed charges.