EX-12 2 d355103dex12.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS Statement of Computation of Ratio of Earnings

Exhibit 12

UNISYS CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND

PREFERRED STOCK DIVIDENDS (UNAUDITED)

($ in millions)

 

     Six Months
Ended June 30, 2012
    Years Ended December 31  
       2011     2010     2009     2008     2007  

Fixed charges

            

Interest expense

   $ 17.2      $ 63.1      $ 101.8      $ 95.2      $ 85.1      $ 76.3   

Interest capitalized during the period

     3.3        4.9        9.1        7.5        9.0        9.1   

Amortization of debt issuance expenses

     .9        1.9        2.6        3.3        4.1        3.8   

Portion of rental expense representative of interest

     14.0        32.6        33.5        34.9        46.9        52.4   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Charges

     35.4        102.5        147.0        140.9        145.1        141.6   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Preferred stock dividend requirements (a)

     8.1        13.5        —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges and preferred stock dividends

     43.5        116.0        147.0        140.9        145.1        141.6   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings

            

Income (loss) from continuing operations before income taxes

     117.1        206.0        222.9        218.2        (97.6     14.8   

Add amortization of capitalized interest

     3.5        7.4        9.1        11.6        16.1        14.5   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal

     120.6        213.4        232.0        229.8        (81.5     29.3   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges per above

     35.4        102.5        147.0        140.9        145.1        141.6   

Less interest capitalized during the period

     (3.3     (4.9     (9.1     (7.5     (9.0     (9.1
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings

   $ 152.7      $ 311.0      $ 369.9      $ 363.2      $ 54.6      $ 161.8   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

     4.31        3.03        2.52        2.58        *        1.14   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges and preferred stock dividends

     3.70        2.80        2.52        2.58        **        1.14   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(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.
* Earnings for the year ended December 31, 2008 were inadequate to cover fixed charges by $90.5 million.
** Earnings for the year ended December 31, 2008 were inadequate to cover fixed charges and preferred stock dividends by $90.5 million.