UNISYS CORP - FORM 10-K - EX-12 - February 29, 2016

Attached files

file filename
EX-10.28 - EX-10.28 - UNISYS CORPd13712dex1028.htm
EX-10.29 - EX-10.29 - UNISYS CORPd13712dex1029.htm
EX-10.31 - EX-10.31 - UNISYS CORPd13712dex1031.htm
EX-10.10 - EX-10.10 - UNISYS CORPd13712dex1010.htm
EX-21 - EX-21 - UNISYS CORPd13712dex21.htm
EX-24 - EX-24 - UNISYS CORPd13712dex24.htm
EX-23 - EX-23 - UNISYS CORPd13712dex23.htm
EX-32.1 - EX-32.1 - UNISYS CORPd13712dex321.htm
EX-31.2 - EX-31.2 - UNISYS CORPd13712dex312.htm
EX-10.33 - EX-10.33 - UNISYS CORPd13712dex1033.htm
EX-32.2 - EX-32.2 - UNISYS CORPd13712dex322.htm
EX-13 - EX-13 - UNISYS CORPd13712dex13.htm
EX-10.32 - EX-10.32 - UNISYS CORPd13712dex1032.htm
10-K - FORM 10-K - UNISYS CORPd13712d10k.htm
EX-31.1 - EX-31.1 - UNISYS CORPd13712dex311.htm
EX-10.23 - EX-10.23 - UNISYS CORPd13712dex1023.htm
EX-10.30 - EX-10.30 - UNISYS CORPd13712dex1030.htm

Exhibit 12

UNISYS CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND

PREFERRED STOCK DIVIDENDS (UNAUDITED)

($ in millions)

 

     Years Ended December 31  
     2015     2014     2013     2012     2011  

Fixed charges

           

Interest expense

    $ 11.9      $ 9.2      $ 9.9      $ 27.5      $ 63.1   

Interest capitalized during the period

      3.1        4.0        3.2        5.3        4.9   

Amortization of debt issuance expenses

      1.5        1.6        1.6        1.7        1.9   

Portion of rental expense representative of interest

      26.9        27.9        28.4        28.2        32.6   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

      43.4        42.7        43.1        62.7        102.5   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Preferred stock dividend requirements (a)

      —          2.7        16.2        16.2        13.5   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges and preferred stock dividends

      43.4        45.4        59.3        78.9        116.0   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings

           

Income (loss) before income taxes

      (58.8 )      145.5        219.4        254.1        206.0   

Add amortization of capitalized interest

      3.7        4.5        5.0        7.5        7.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

      (55.1 )      150.0        224.4        261.6        213.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges per above

      43.4        42.7        43.1        62.7        102.5   

Less interest capitalized during the period

      (3.1 )      (4.0 )      (3.2 )      (5.3 )      (4.9 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings

    $ (14.8 )    $ 188.7      $ 264.3      $ 319.0      $ 311.0   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      *        4.42        6.13        5.09        3.03   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges and preferred stock dividends (b)

      N/A        4.16        4.46        4.04        2.68   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) Amounts have not been grossed up for income taxes since the preferred stock was issued by the U.S. parent corporation which has a full valuation allowance against its net deferred tax assets.
(b) The ratio of earnings to fixed charges and preferred stock dividends is calculated by dividing total earnings by total fixed charges and preferred stock dividends.

 

* Earnings for the year ended December 31, 2015 were inadequate to cover fixed charges by $58.2 million.

UNISYS CORP Reports