EX-12 10 d13712dex12.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)

 

     Years Ended December 31  
     2015     2014     2013     2012     2011  

Fixed charges

          

Interest expense

   $ 11.9      $ 9.2      $ 9.9      $ 27.5      $ 63.1   

Interest capitalized during the period

     3.1        4.0        3.2        5.3        4.9   

Amortization of debt issuance expenses

     1.5        1.6        1.6        1.7        1.9   

Portion of rental expense representative of interest

     26.9        27.9        28.4        28.2        32.6   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Charges

     43.4        42.7        43.1        62.7        102.5   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Preferred stock dividend requirements (a)

     —          2.7        16.2        16.2        13.5   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges and preferred stock dividends

     43.4        45.4        59.3        78.9        116.0   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings

          

Income (loss) before income taxes

     (58.8     145.5        219.4        254.1        206.0   

Add amortization of capitalized interest

     3.7        4.5        5.0        7.5        7.4   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal

     (55.1     150.0        224.4        261.6        213.4   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges per above

     43.4        42.7        43.1        62.7        102.5   

Less interest capitalized during the period

     (3.1     (4.0     (3.2     (5.3     (4.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings

   $ (14.8   $ 188.7      $ 264.3      $ 319.0      $ 311.0   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

     *        4.42        6.13        5.09        3.03   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

     N/A        4.16        4.46        4.04        2.68   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(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, 2015 were inadequate to cover fixed charges by $58.2 million.