Exhibit 12
CBS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Tabular dollars in millions, except ratios)
|
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||||||||||||
|
|
March 31, |
|
December 31, |
| ||||||||||||||||||
|
|
2013 |
|
2012 |
|
|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies |
|
$ |
705 |
|
$ |
599 |
|
|
$ |
2,561 |
|
$ |
2,179 |
|
$ |
1,335 |
|
$ |
577 |
|
$ |
(12,076 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Distributions from investee companies |
|
3 |
|
2 |
|
|
17 |
|
13 |
|
- |
|
2 |
|
6 |
| |||||||
Interest expense, net of capitalized interest |
|
95 |
|
110 |
|
|
402 |
|
435 |
|
527 |
|
540 |
|
544 |
| |||||||
1/3 of rental expense |
|
41 |
|
37 |
|
|
162 |
|
161 |
|
161 |
|
167 |
|
164 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total earnings (loss) from continuing operations |
|
$ |
844 |
|
$ |
748 |
|
|
$ |
3,142 |
|
$ |
2,788 |
|
$ |
2,023 |
|
$ |
1,286 |
|
$ |
(11,362 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest expense, net of capitalized interest |
|
$ |
95 |
|
$ |
110 |
|
|
$ |
402 |
|
$ |
435 |
|
$ |
527 |
|
$ |
540 |
|
$ |
544 |
|
1/3 of rental expense |
|
41 |
|
37 |
|
|
162 |
|
161 |
|
161 |
|
167 |
|
164 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total fixed charges |
|
$ |
136 |
|
$ |
147 |
|
|
$ |
564 |
|
$ |
596 |
|
$ |
688 |
|
$ |
707 |
|
$ |
708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Ratio of earnings to fixed charges |
|
6.2 |
x |
5.1 |
x |
|
5.6 |
x |
4.7 |
x |
2.9 |
x |
1.8 |
x |
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.