UNISYS CORP - FORM 10-Q - EX-12 - EXHIBIT 12 - July 29, 2016

Attached files

file filename
EX-31.2 - EXHIBIT 31.2 - UNISYS CORPq22016-ex312.htm
10-Q - 10-Q - UNISYS CORPq2201610-q.htm
EX-32.2 - EXHIBIT 32.2 - UNISYS CORPq22016-ex322.htm
EX-32.1 - EXHIBIT 32.1 - UNISYS CORPq22016-ex321.htm
EX-31.1 - EXHIBIT 31.1 - UNISYS CORPq22016-ex311.htm
EX-10.2 - EXHIBIT 10.2 - UNISYS CORPex102-amendmentno7tothecre.htm
EX-10.1 - EXHIBIT 10.1 - UNISYS CORPex101-amendmentno6tothecre.htm


Exhibit 12
UNISYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS (UNAUDITED)
($ in millions)
 
 
 
Six Months Ended June 30,
 
Years Ended December 31
 
 
2016
 
2015
 
2014
 
2013
 
2012
 
2011
Fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
12.2

 
$
11.9

 
$
9.2

 
$
9.9

 
$
27.5

 
$
63.1

Interest capitalized during the period
 
1.2

 
3.1

 
4.0

 
3.2

 
5.3

 
4.9

Amortization of revolving credit facility expenses
 
0.2

 
1.5

 
1.6

 
1.6

 
1.7

 
1.9

Portion of rental expense representative of interest
 
12.7

 
26.9

 
27.9

 
28.4

 
28.2

 
32.6

Total Fixed Charges
 
26.3

 
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
 
26.3

 
43.4

 
45.4

 
59.3

 
78.9

 
116.0

Earnings
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
11.1

 
(58.8
)
 
145.5

 
219.4

 
254.1

 
206.0

Add amortization of capitalized interest
 
1.6

 
3.7

 
4.5

 
5.0

 
7.5

 
7.4

Subtotal
 
12.7

 
(55.1
)
 
150.0

 
224.4

 
261.6

 
213.4

Fixed charges per above
 
26.3

 
43.4

 
42.7

 
43.1

 
62.7

 
102.5

Less interest capitalized during the period
 
(1.2
)
 
(3.1
)
 
(4.0
)
 
(3.2
)
 
(5.3
)
 
(4.9
)
Total earnings
 
$
37.8

 
$
(14.8
)
 
$
188.7

 
$
264.3

 
$
319.0

 
$
311.0

Ratio of earnings to fixed charges
 
1.44

 
*

 
4.42

 
6.13

 
5.09

 
3.03

Ratio of earnings to fixed charges and preferred stock dividends (b)
 
1.44

 
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.



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