EX-12 2 d76341dex12.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,
2015
   

 

Years Ended December 31

 
     2014     2013     2012     2011     2010  

Fixed charges

            

Interest expense

   $ 8.3      $ 9.2      $ 9.9      $ 27.5      $ 63.1      $ 101.8   

Interest capitalized during the period

     2.5        4.0        3.2        5.3        4.9        9.1   

Amortization of debt issuance expenses

     1.1        1.6        1.6        1.7        1.9        2.6   

Portion of rental expense representative of interest

     20.5        27.9        28.4        28.2        32.6        33.5   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Charges

     32.4        42.7        43.1        62.7        102.5        147.0   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Preferred stock dividend requirements (a)

     —          2.7        16.2        16.2        13.5        —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges and preferred stock dividends

     32.4        45.4        59.3        78.9        116.0        147.0   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings

            

Income (loss) from continuing operations before income taxes

     (71.2     145.5        219.4        254.1        206.0        222.9   

Add amortization of capitalized interest

     2.8        4.5        5.0        7.5        7.4        9.1   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal

     (68.4     150.0        224.4        261.6        213.4        232.0   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges per above

     32.4        42.7        43.1        62.7        102.5        147.0   

Less interest capitalized during the period

     (2.5     (4.0     (3.2     (5.3     (4.9     (9.1
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings

   $ (38.5   $ 188.7      $ 264.3      $ 319.0      $ 311.0      $ 369.9   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

            4.42        6.13        5.09        3.03        2.52   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

     N/A        4.16        4.46        4.04        2.68        2.52   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(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 nine months ended September 30, 2015 were inadequate to cover fixed charges by $70.9 million.

 

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