EX-12.1 6 c80474exv12w1.txt COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Exhibit 12.1 STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES MANPOWER INC. (in millions)
9 MONTHS ENDED SEPTEMBER 30, ------------------ 2003 2002 ------- ------- Earnings: Earnings before income taxes $ 141.6 $ 118.8 Fixed charges 93.8 86.0 ------- ------- $ 235.4 $ 204.8 ======= ======= Fixed charges: Interest (expensed or capitalized) $ 31.0 $ 31.9 Estimated interest portion of rent expense 62.8 54.1 ------- ------- $ 93.8 $ 86.0 ======= ======= Ratio of earnings to fixed charges 2.5 2.4 ======= =======
YEARS ENDED DECEMBER 31, --------------------------------------------------- 2002 2001 2000 1999 1998 ------- ------- ------- ------- ------- Earnings: Earnings before income taxes $ 188.0 $ 197.9 $ 265.2 $ 205.8 $ 113.8 Fixed charges 116.5 107.4 94.0 71.6 65.1 ------- ------- ------- ------- ------- $ 304.5 $ 305.3 $ 359.2 $ 277.4 $ 178.9 ======= ======= ======= ======= ======= Fixed charges: Interest (expensed or capitalized) $ 42.4 $ 39.1 $ 35.0 $ 17.3 $ 19.2 Estimated interest portion of rent expense 74.1 68.3 59.0 54.3 45.9 ------- ------- ------- ------- ------- $ 116.5 $ 107.4 $ 94.0 $ 71.6 $ 65.1 ======= ======= ======= ======= ======= Ratio of earnings to fixed charges 2.6 2.8 3.8 3.9 2.7 ======= ======= ======= ======= =======
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.