INTERPUBLIC GROUP OF COMPANIES, INC. - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - July 27, 2017

Attached files

file	filename
EX-32 - EXHIBIT 32 - INTERPUBLIC GROUP OF COMPANIES, INC.	ipg6301710qex32.htm
EX-31.2 - EXHIBIT 31.2 - INTERPUBLIC GROUP OF COMPANIES, INC.	ipg6301710qex312.htm
EX-31.1 - EXHIBIT 31.1 - INTERPUBLIC GROUP OF COMPANIES, INC.	ipg6301710qex311.htm
10-Q - 10-Q - INTERPUBLIC GROUP OF COMPANIES, INC.	ipg6301710q.htm

EXHIBIT 12.1



COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(Amounts in Millions, Except Ratios)

		Six months ended June 30,				Years ended December 31,
		2017				2016				2015				2014				2013				2012
Earnings ¹
Income from continuing operations before income taxes		$	184.9			$	830.2			$	762.2			$	720.7			$	468.0			$	674.8

Fixed charges ²
Interest expense		46.6				90.6				85.8				84.9				122.7				133.5
Interest factor of net operating rents ³		86.5				170.4				162.4				170.0				173.3				169.0
Total fixed charges		133.1				261.0				248.2				254.9				296.0				302.5

Earnings, as adjusted		$	318.0			$	1,091.2			$	1,010.4			$	975.6			$	764.0			$	977.3

Ratio of earnings to fixed charges		2.4				4.2				4.1				3.8				2.6				3.2


1	Earnings consist of income from continuing operations before income taxes, equity in net income (loss) of unconsolidated affiliates and adjustments for net income (loss) attributable to noncontrolling interests.


2	Fixed charges consist of interest on indebtedness, amortization of debt discount, waiver and other amendment fees, debt issuance costs (all of which are included in interest expense) and the portion of net rental expense deemed representative of the interest component (one-third).


3	We have calculated the interest factor of net operating rent as one third of our operating rent, as this represents a reasonable approximation of the interest factor.