EX-12.1 5 exb121-03312013.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXB 12.1 - 03.31.2013



EXHIBIT 12.1


MASTERCARD INCORPORATED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
Three Months Ended
 
Years Ended December 31,
 
March 31, 2013
 
2012
 
2011
 
2010
 
2009
 
2008
 
(in millions, except ratios)
Pre-tax income (loss) before adjustment for non-controlling interests
$
1,103

 
$
3,932

 
$
2,746

 
$
2,757

 
$
2,218

 
$
(383
)
Loss attributable to non-controlling interests and equity investments
6

 
25

 
18

 
1

 
3

 
2

Add: Fixed charges
6

 
25

 
29

 
56

 
120

 
109

Earnings (loss)
$
1,115

 
$
3,982

 
$
2,793

 
$
2,814

 
$
2,341

 
$
(272
)
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
5

 
$
20

 
$
25

 
$
52

 
$
115

 
$
104

Portion of rental expense under operating leases deemed to be the equivalent of interest 1
1

 
5

 
4

 
4

 
5

 
5

Total fixed charges
$
6

 
$
25

 
$
29

 
$
56

 
$
120

 
$
109

Ratio of earnings to fixed charges
185.8

 
159.3

 
96.3

 
50.3

 
19.5

 
- 2

    
1 Portion of rental expense under operating leases deemed to be the equivalent of interest at an appropriate interest factor.

2 The ratio coverage was less than 1:1. MasterCard would have needed to generate additional earnings of $381 million to achieve a coverage of 1:1 in 2008.