EX-12.1 2 a2190022zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

 

Computer Sciences Corporation

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

 

 

 

Nine Months Ended

 

Fiscal Year Ended

 

 

 

January 2,

 

December 28,

 

March 28,

 

March 30,

 

March 31,

 

April 1,

 

April 2,

 

 

 

2009

 

2007

 

2008

 

2007

 

2006

 

2005

 

2004

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted income before taxes (1)

 

$  

612,847

 

$  

605,164

 

$  

919,525

 

$  

607,940

 

$  

761,290

 

$  

703,906

 

$  

783,266

 

Plus: Fixed Charges

 

265,118

 

246,170

 

331,493

 

336,460

 

248,303

 

287,121

 

314,974

 

Plus: Other Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Income)/loss for equity method investees

 

(12,855

)

(12,612

)

(12,721

)

(13,148

)

(11,149

)

(8,168

)

(6,181

)

Amortization of capitalized interest

 

192

 

185

 

264

 

264

 

310

 

310

 

310

 

Distributed income of equity method investees

 

8,123

 

9,400

 

11,319

 

10,134

 

10,062

 

3,587

 

686

 

Minority interest

 

(7,093

)

(10,149

)

(14,346

)

(14,788

)

(10,639

)

(11,374

)

(19,747

)

Preference security dividend requirements of consolidated subsidiaries

 

(443

)

(603

)

(801

)

(782

)

(591

)

(409

)

(380

)

Total earnings

 

$  

865,889

 

$  

837,555

 

$  

1,234,733

 

$  

926,080

 

$  

997,586

 

$  

974,973

 

$  

1,072,928

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (2)

 

$  

191,442

 

$  

129,051

(4)

$  

185,400

 

$  

217,900

 

$  

145,100

 

$  

173,700

 

$  

182,300

 

Imputed interest on operating leases (3)

 

67,250

(4)

80,350

 

107,100

 

115,033

 

99,867

 

110,267

 

129,633

 

Tax Interest

 

2,980

 

34,177

 

35,300

 

—

 

—

 

—

 

—

 

Amortized premiums, discounts and capitalized expenses related to indebtedness

 

3,003

 

1,989

 

2,892

 

2,745

 

2,745

 

2,745

 

2,661

 

Preference security dividend requirements of consolidated subsidiaries

 

443

 

603

 

801

 

782

 

591

 

409

 

380

 

Total fixed charges

 

$  

265,118

 

$  

246,170

 

$  

331,493

 

$  

336,460

 

$  

248,303

 

$  

287,121

 

$  

314,974

 

Ratio of Earnings to fixed charges

 

3.27

 

3.40

 

3.72

 

2.75

 

4.02

 

3.40

 

3.41

 

Lease rental expense

 

$  

201,750

 

$  

241,050

 

$  

321,300

 

$  

345,100

 

$  

299,600

 

$  

330,800

 

$  

388,900

 

 

(1) Adjusted income before taxes excludes minority interest in consolidated subsidiaries and (income)/loss for equity method investees.

 

(2) Interest expense according to periodic filings.

 

(3) Imputed interest on operating leases is estimated to be one-third of current fiscal year lease rental expense.

 

(4) Imputed interest on operating leases is based on a pro-rata share of fiscal year 2009 lease rental expense estimate of $269 million, which is based on the fiscal 2008 expense.