EX-12 6 a2212776zex-12.htm EX-12

 

Exhibit 12

 

CBS CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Tabular dollars in millions, except ratios)

 

 

 

Twelve Months Ended December 31,

 

 

 

2012

 

2011

 

2010

 

2009

 

2008

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

  $

2,561

 

$

2,179

 

$

1,335

 

$

577

 

$

(12,076)

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

Distributions from investee companies

 

17

 

13

 

-

 

2

 

6

 

Interest expense, net of capitalized interest

 

402

 

435

 

527

 

540

 

544

 

1/3 of rental expense

 

162

 

161

 

161

 

167

 

164

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Earnings (loss) from continuing operations

 

  $

3,142

 

$

2,788

 

$

2,023

 

$

1,286

 

$

(11,362)

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of capitalized interest

 

  $

402

 

$

435

 

$

527

 

$

540

 

$

544

 

1/3 of rental expense

 

162

 

161

 

161

 

167

 

164

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

  $

564

 

$

596

 

$

688

 

$

707

 

$

708

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

5.6

x

4.7x

 

2.9x

 

1.8x

 

Note a

 

 

Note:

(a) Earnings are inadequate to cover fixed charges by $12.07 billion in 2008 due to the noncash impairment charges of $13.63 billion.