EX-12.1 3 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
MANPOWERGROUP INC.
(in millions)

|  |  | 9 Months Ended |
|  |  | September 30, 2013 |
| Earnings: |  |  |
| Earnings before income taxes |  | $ | 317.7 |
| Fixed charges |  |  | 118.0 |
|  |  | $ | 435.7 |
| Fixed charges: |  |  |  |
| Interest (expensed or capitalized) |  | $ | 29.7 |
| Estimated interest portion of rent expense |  |  | 88.3 |
|  |  | $ | 118.0 |
| Ratio of earnings to fixed charges |  |  | 3.7 |

|  | 2012 |  |  | 2011 |  |  | 2010 |  |  | 2009 |  |  | 2008 |
Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings before income taxes |  | $ | 368.4 |  |  | $ | 479.9 |  |  | $ | (165.2 | ) |  | $ | (22.9 | ) |  | $ | 442.6 |
Fixed charges |  |  | 165.1 |  |  |  | 170.2 |  |  |  | 161.9 |  |  |  | 183.9 |  |  |  | 200.9 |
|  | $ | 533.5 |  |  | $ | 650.1 |  |  | $ | (3.3 | ) |  | $ | 161.0 |  |  | $ | 643.5 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest (expensed or capitalized) |  | $ | 42.5 |  |  | $ | 43.1 |  |  | $ | 42.4 |  |  | $ | 61.7 |  |  | $ | 64.2 |
Estimated interest portion of rent expense |  |  | 122.6 |  |  |  | 127.1 |  |  |  | 119.5 |  |  |  | 122.2 |  |  |  | 136.7 |
|  | $ | 165.1 |  |  | $ | 170.2 |  |  | $ | 161.9 |  |  | $ | 183.9 |  |  | $ | 200.9 |
Ratio of earnings to fixed charges |  |  | 3.2 |  |  |  | 3.8 |  |  |  | (0.0 | ) |  |  | 0.9 |  |  |  | 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.