EX-12 2 q12017-ex12.htm EXHIBIT 12 Exhibit


Exhibit 12
UNISYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS (UNAUDITED)
($ in millions)
 
 
 
Three Months Ended March 31,
 
Years Ended December 31
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
2012
Fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
5.7

 
$
27.4

 
$
11.9

 
$
9.2

 
$
9.9

 
$
27.5

Interest capitalized during the period
 
0.8

 
3.0

 
3.1

 
4.0

 
3.2

 
5.3

Amortization of revolving credit facility expenses
 
0.1

 
0.4

 
1.5

 
1.6

 
1.6

 
1.7

Portion of rental expense representative of interest
 
5.2

 
25.8

 
26.9

 
27.9

 
28.4

 
28.2

Total Fixed Charges
 
11.8

 
56.6

 
43.4

 
42.7

 
43.1

 
62.7

Preferred stock dividend requirements (a)
 

 

 

 
2.7

 
16.2

 
16.2

Total fixed charges and preferred stock dividends
 
11.8

 
56.6

 
43.4

 
45.4

 
59.3

 
78.9

Earnings
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
(16.8
)
 
20.5

 
(58.8
)
 
145.5

 
219.4

 
254.1

Add amortization of capitalized interest
 
0.8

 
3.1

 
3.7

 
4.5

 
5.0

 
7.5

Subtotal
 
(16.0
)
 
23.6

 
(55.1
)
 
150.0

 
224.4

 
261.6

Fixed charges per above
 
11.8

 
56.6

 
43.4

 
42.7

 
43.1

 
62.7

Less interest capitalized during the period
 
(0.8
)
 
(3.0
)
 
(3.1
)
 
(4.0
)
 
(3.2
)
 
(5.3
)
Total earnings
 
$
(5.0
)
 
$
77.2

 
$
(14.8
)
 
$
188.7

 
$
264.3

 
$
319.0

Ratio of earnings to fixed charges
 
*

 
1.36

 
*

 
4.42

 
6.13

 
5.09

Ratio of earnings to fixed charges and preferred stock dividends (b)
 
N/A

 
1.36

 
N/A

 
4.16

 
4.46

 
4.04

 
(a)
Amounts have not been grossed up for income taxes since the preferred stock was issued by the U.S. parent corporation which has a full valuation allowance against its net deferred tax assets.
(b)
The ratio of earnings to fixed charges and preferred stock dividends is calculated by dividing total earnings by total fixed charges and preferred stock dividends.
*
Earnings for the quarter ended March 31, 2017 and the year ended December 31, 2015, were inadequate to cover fixed charges by $16.8 million and $58.2 million, respectively.