EX-12 2 a2177644zex-12.htm EXHIBIT 12
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Exhibit 12


CBS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS
(Tabular in millions except ratios)

 
   Three Months Ended March 31,
   Twelve Months Ended December 31,
 
   2007
   2006
   2006
   2005
   2004
   2003
   2002
Earnings (loss) before income taxes   $ 419.3   $ 389.6   $ 2,132.7   $ (7,564.4 ) $ (15,850.2 ) $ 1,788.2   $ 1,789.4

Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Distributions from affiliated companies     3.8     1.7     8.9     9.5     12.6     1.7     4.1
  Interest expense, net of capitalized interest     139.2     144.0     564.5     719.6     693.7     715.0     753.0
  Capitalized interest amortized     —     —     —     —     —     —     —
  1/3 of rental expense     45.6     46.1     160.9     137.2     123.8     95.1     93.1
   
 
 
 
 
 
 

Total Earnings (loss)
 
$
607.9
 
$
581.4
 
$
2,867.0
 
$
(6,698.1
)
$
(15,020.1
)
$
2,600.0
 
$
2,639.6
   
 
 
 
 
 
 

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Interest expense, net of capitalized interest   $ 139.2   $ 144.0   $ 564.5   $ 719.6   $ 693.7   $ 715.0   $ 753.0
  1/3 of rental expense     45.6     46.1     160.9     137.2     123.8     95.1     93.1
   
 
 
 
 
 
 

Total fixed charges
 
$
184.8
 
$
190.1
 
$
725.4
 
$
856.8
 
$
817.5
 
$
810.1
 
$
846.1

Preferred Stock dividend requirements
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
   
 
 
 
 
 
 

Total fixed charges and Preferred Stock dividend requirements
 
$
184.8
 
$
190.1
 
$
725.4
 
$
856.8
 
$
817.5
 
$
810.1
 
$
846.1
   
 
 
 
 
 
 

Ratio of earnings to fixed charges
 
 
3.3x
 
 
3.1x
 
 
4.0x
 
 
Note a
 
 
Note a
 
 
3.2x
 
 
3.1x
   
 
 
 
 
 
 

Ratio of earnings to combined fixed charges and Preferred Stock dividend requirements
 
 
3.3x
 
 
3.1x
 
 
4.0x
 
 
Note a
 
 
Note a
 
 
3.2x
 
 
3.1x
   
 
 
 
 
 
 

Note:

(a)
Earnings are inadequate to cover fixed charges due to the 2005 and 2004 non-cash impairment charges of $9.48 billion and $18.0 billion, respectively. The dollar amounts of the cover deficiencies are $7.55 billion and $15.84 billion in 2005 and 2004, respectively.

2



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CBS CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS (Tabular in millions except ratios)