EX-12.1 10 dex121.htm STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement Regarding Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

STATEMENT REGARDING COMPUTATION

OF RATIO OF EARNINGS TO FIXED CHARGES

 

MANPOWER INC.

(in millions)

 

     3 Months Ended
March 31, 2005


Earnings:

      

Earnings before income taxes

   $ 50.8

Fixed charges

     38.9
    

     $ 89.7
    

Fixed charges:

      

Interest (expensed or capitalized)

   $ 11.6

Estimated interest portion of rent expense

     27.3
    

     $ 38.9
    

Ratio of earnings to fixed charges

     2.3
    

 

     Years Ended December 31,

     2004

   2003

   2002

   2001

   2000

Earnings:

                                  

Earnings before income taxes

   $ 369.5    $ 222.1    $ 188.0    $ 197.9    $ 265.2

Fixed charges

     153.2      125.0      116.5      107.4      94.0
    

  

  

  

  

     $ 522.7    $ 347.1    $ 304.5    $ 305.3    $ 359.2
    

  

  

  

  

Fixed charges:

                                  

Interest (expensed or capitalized)

   $ 45.4    $ 41.4    $ 42.4    $ 39.1    $ 35.0

Estimated interest portion of rent expense

     107.8      83.6      74.1      68.3      59.0
    

  

  

  

  

     $ 153.2    $ 125.0    $ 116.5    $ 107.4    $ 94.0
    

  

  

  

  

Ratio of earnings to fixed charges

     3.4      2.8      2.6      2.8      3.8
    

  

  

  

  

 

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.