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
MANPOWERGROUP INC.
(in millions)

|  |  | 3 Months Ended |
|  |  | March 31, 2015 |
| Earnings: |  |  |
| Earnings before income taxes |  | $ | 112.2 |
| Fixed charges |  |  | 29.7 |
|  |  | $ | 141.9 |
| Fixed charges: |  |  |  |
| Interest (expensed or capitalized) |  | $ | 8.2 |
| Estimated interest portion of rent expense |  |  | 21.5 |
|  |  | $ | 29.7 |
| Ratio of earnings to fixed charges |  |  | 4.8 |

|  | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2011 |  |  | 2010 |
Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings before income taxes |  | $ | 681.6 |  |  | $ | 475.5 |  |  | $ | 368.4 |  |  | $ | 479.9 |  |  | $ | (165.2 | )
Fixed charges |  |  | 133.6 |  |  |  | 159.7 |  |  |  | 165.1 |  |  |  | 170.2 |  |  |  | 161.9 |
|  | $ | 815.2 |  |  | $ | 635.2 |  |  | $ | 533.5 |  |  | $ | 650.1 |  |  | $ | (3.3 | )
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest (expensed or capitalized) |  | $ | 35.1 |  |  | $ | 43.2 |  |  | $ | 42.5 |  |  | $ | 43.1 |  |  | $ | 42.4 |
Estimated interest portion of rent expense |  |  | 98.5 |  |  |  | 116.5 |  |  |  | 122.6 |  |  |  | 127.1 |  |  |  | 119.5 |
|  | $ | 133.6 |  |  | $ | 159.7 |  |  | $ | 165.1 |  |  | $ | 170.2 |  |  | $ | 161.9 |
Ratio of earnings to fixed charges |  |  | 6.1 |  |  |  | 4.0 |  |  |  | 3.2 |  |  |  | 3.8 |  |  |  | (0.0 | )

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.