EX-12.1 2 exhibit_12-1.htm 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.
(d/b/a ManpowerGroup)
(in millions)

|  |  | 9 Months Ended |
|  |  | September 30, 2012 |
| Earnings: |  |  |
| Earnings before income taxes |  | $ | 273.6 |
| Fixed charges |  |  | 123.0 |
|  |  | $ | 396.6 |
| Fixed charges: |  |  |  |
| Interest (expensed or capitalized) |  | $ | 30.4 |
| Estimated interest portion of rent expense |  |  | 92.6 |
|  |  | $ | 123.0 |
| Ratio of earnings to fixed charges |  |  | 3.2 |

|  | 2011 |  |  | 2010 |  |  | 2009 |  |  | 2008 |  |  | 2007 |
Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings before income taxes |  | $ | 479.9 |  |  | $ | (165.2 | ) |  | $ | (22.9 | ) |  | $ | 442.6 |  |  | $ | 777.0 |
Fixed charges |  |  | 170.2 |  |  |  | 161.9 |  |  |  | 183.9 |  |  |  | 200.9 |  |  |  | 185.2 |
|  | $ | 650.1 |  |  | $ | (3.3 | ) |  | $ | 161.0 |  |  | $ | 643.5 |  |  | $ | 962.2 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest (expensed or capitalized) |  | $ | 43.1 |  |  | $ | 42.4 |  |  | $ | 61.7 |  |  | $ | 64.2 |  |  | $ | 65.0 |
Estimated interest portion of rent expense |  |  | 127.1 |  |  |  | 119.5 |  |  |  | 122.2 |  |  |  | 136.7 |  |  |  | 120.2 |
|  | $ | 170.2 |  |  | $ | 161.9 |  |  | $ | 183.9 |  |  | $ | 200.9 |  |  | $ | 185.2 |
Ratio of earnings to fixed charges |  |  | 3.8 |  |  |  | (0.0 | ) |  |  | 0.9 |  |  |  | 3.2 |  |  |  | 5.2 |

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.
| Our 2008 and 2007 results have been restated as disclosed in Note 16 to the Consolidated Financial Statements included in our 2009 Annual Report on Form 10-K.