EX-12.1 4 ex12_1.htm STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ex12_1.htm
Exhibit 12.1
 
STATEMENT REGARDING COMPUTATION
OF RATIO OF EARNINGS TO FIXED CHARGES
 
MANPOWER INC.
(in millions)


     
3 Months Ended
  
     
March 31, 2010
  
         
 
Earnings:
      
 
    Earnings before income taxes
   $
 19.7
  
 
    Fixed charges
      41.7  
      $ 61.4  
           
           
           
 
Fixed charges:
        
 
    Interest (expensed or capitalized)
   $ 11.2  
 
    Estimated interest portion of rent expense
     30.5  
      $  41.7  
           
           
 
Ratio of earnings to fixed charges
     1.5  


   
2009
    
2008
    
2007
    
2006
    
2005
  
Earnings:
                              
     Earnings before income taxes from continuing operations
   $ (22.9 )   $ 442.6     $ 777.0     $ 481.9     $ 387.0  
     Fixed charges
     183.9       200.9       185.2       162.8       153.2  
    $ 161.0     $ 643.5     $ 962.2     $ 644.7     $ 540.2  
                                         
Fixed charges:
                                        
     Interest (expensed or capitalized)
   $ 61.7     $ 64.2     $ 65.0     $ 54.1     $ 46.7  
     Estimated interest portion of rent expense
     122.2       136.7       120.2       108.7       106.5  
    $ 183.9     $ 200.9     $ 185.2     $ 162.8     $ 153.2  
                                         
Ratio of earnings to fixed charges
     0.9       3.2       5.2       4.0       3.5  

 
Note:
The calculation of ratio of earnings to fixed charges set forth above is in accordance with Regulation S-K, Item 601(b)(12). This calculation is different than the fixed charge ratio that is required by our various borrowing facilities.