EX-12.1 4 c72715exv12w1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 MANPOWER INC. RATIO OF EARNINGS TO FIXED CHARGES (IN MILLIONS)
NINE MONTHS ENDED SEPTEMBER 30, 2002 ------------------ Earnings: Earnings before income taxes $ 118.8 Fixed charges 86.0 ------- $ 204.8 ======= Fixed charges: Interest (expensed or capitalized) $ 31.9 Estimated interest portion of rent expense 54.1 ------- $ 86.0 ======= Ratio of earnings to fixed charges 2.4 =======
YEARS ENDED DECEMBER 31, ------------------------------------------------- 2001 2000 1999 1998 1997 -------- ------- ------ ------- ------ Earnings: Earnings before income taxes $ 197.9 $ 265.2 $ 205.8 $ 113.8 $ 249.2 Fixed charges 107.4 94.0 71.6 65.1 47.2 ------- ------- ------- ------- ------- $ 305.3 $ 359.2 $ 277.4 $ 178.9 $ 296.4 ======= ======= ======= ======= ======= Fixed charges: Interest (expensed or capitalized) $ 39.1 $ 35.0 $ 17.3 $ 19.2 $ 11.1 Estimated interest portion of rent expense 68.3 59.0 54.3 45.9 36.1 ------- ------- ------- ------- ------- $ 107.4 $ 94.0 $ 71.6 $ 65.1 $ 47.2 ======= ======= ======= ======= ======= Ratio of earnings to fixed charges 2.8 3.8 3.9 2.7 6.3 ======= ======= ======= ======= =======
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.