EX-12.1 4 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 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)

 

     Years Ended December 31,
     2005    2004    2003    2002    2001

Earnings:

               

Earnings before income taxes

    $ 394.7    $ 369.5    $ 222.1    $ 188.0    $ 197.9

Fixed charges

      153.4      153.2      125.0      116.5      107.4
                                  
   $ 548.1    $ 522.7    $ 347.1    $ 304.5    $ 305.3
                                  

Fixed charges:

               

Interest (expensed or capitalized)

    $ 46.7    $ 45.4    $ 41.4    $ 42.4    $ 39.1

Estimated interest portion of rent expense

      106.7      107.8      83.6      74.1      68.3
                                  
   $ 153.4    $ 153.2    $ 125.0    $ 116.5    $ 107.4
                                  

Ratio of earnings to fixed charges

      3.6      3.4      2.8      2.6      2.8
                                  

 

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.