EX-12 18 a2190706zex-12.htm EXHIBIT 12

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 dollars in millions except ratios)

 

 

 

 

 

 

Twelve Months Ended December 31,

 

 

 

2008

 

2007

 

2006

 

2005

 

2004

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies

 

$(12,575.1

)

$2,133.0

 

$2,132.7

 

$(7,564.4

)

$(15,850.2

)

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

Distributions from investee companies

 

5.8

 

7.7

 

8.9

 

9.5

 

12.6

 

Interest expense, net of capitalized interest

 

546.3

 

570.1

 

564.5

 

719.6

 

693.7

 

1/3 of rental expense

 

215.8

 

193.4

 

160.9

 

137.2

 

123.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Earnings (loss)

 

$(11,807.2

)

$2,904.2

 

$2,867.0

 

$(6,698.1

)

$(15,020.1

)

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of capitalized interest

 

$546.3

 

$570.1

 

$564.5

 

$719.6

 

$693.7

 

1/3 of rental expense

 

215.8

 

193.4

 

160.9

 

137.2

 

123.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$762.1

 

$763.5

 

$725.4

 

$856.8

 

$817.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

Note

a

3.8

x

4.0

x

Note

a

Note

a

 

 

Note:

(a) Earnings are inadequate to cover fixed charges by $12.57 billion in 2008, $7.55 billion in 2005 and $15.84 billion in 2004 due to the non-cash impairment charges of $14.18 billion in 2008, $9.48 billion in 2005 and $18.0 billion in 2004.