EX-12 2 d591556dex12.htm EX-12 EX-12

Exhibit 12

UNISYS CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND

PREFERRED STOCK DIVIDENDS (UNAUDITED)

($ in millions)

 

     Nine Months
Ended Sept. 30 2013
    Years Ended December 31  
       2012     2011     2010     2009     2008  

Fixed charges

            

Interest expense

   $ 7.7      $ 27.5      $ 63.1      $ 101.8      $ 95.2      $ 85.1   

Interest capitalized during the period

     2.1        5.3        4.9        9.1        7.5        9.0   

Amortization of debt issuance expenses

     1.2        1.7        1.9        2.6        3.3        4.1   

Portion of rental expense representative of interest

     21.9        28.2        32.6        33.5        34.9        46.9   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Charges

     32.9        62.7        102.5        147.0        140.9        145.1   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Preferred stock dividend requirements (a)

     12.1        16.2        13.5        —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges and preferred stock dividends

     45.0        78.9        116.0        147.0        140.9        145.1   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings

            

Income (loss) from continuing operations before income taxes

     67.0        254.1        206.0        222.9        218.2        (97.6

Add amortization of capitalized interest

     3.9        7.5        7.4        9.1        11.6        16.1   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal

     70.9        261.6        213.4        232.0        229.8        (81.5
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges per above

     32.9        62.7        102.5        147.0        140.9        145.1   

Less interest capitalized during the period

     (2.1     (5.3     (4.9     (9.1     (7.5     (9.0
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings

   $ 101.7      $ 319.0      $ 311.0      $ 369.9      $ 363.2      $ 54.6   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

     3.09        5.09        3.03        2.52        2.58            
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

     2.26        4.04        2.68        2.52        2.58            
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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