EX-12 5 cbs_ex12-123115.htm EXHIBIT 12 Exhibit

Exhibit 12


CBS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Tabular dollars in millions, except ratios)
 
Year Ended December 31,
 
2015
2014
2013
2012
2011
Earnings from continuing operations before income
taxes and equity in loss of investee companies
$
2,023

$
2,164

$
2,665

$
2,357

$
1,983

Add:
 
 
 
 
 
Distributions from investee companies
3

9

8

11

6

Interest expense, net of capitalized interest
392

363

375

401

433

1/3 of rental expense
70

69

70

68

68

Total earnings from continuing operations
$
2,488

$
2,605

$
3,118

$
2,837

$
2,490

 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
Interest expense, net of capitalized interest
$
392

$
363

$
375

$
401

$
433

1/3 of rental expense
70

69

70

68

68

Total fixed charges
$
462

$
432

$
445

$
469

$
501

Ratio of earnings to fixed charges
5.4
x
6.0
x
7.0
x
6.0
x
5.0
x