EX-12.1 2 q32016exhibit121.htm EXHIBIT 12.1
Exhibit 12.1
STATEMENT REGARDING COMPUTATION
OF RATIO OF EARNINGS TO FIXED CHARGES
MANPOWERGROUP INC.
(in millions)

| 9 Months Ended |
| September 30, 2016 |
Earnings: |  |
Earnings before income taxes | $ | 504.4 |  |
Fixed charges | 71.7 |  |
| $ | 576.1 |  |
Fixed charges: |  |  |
Interest (expensed or capitalized) | $ | 30.3 |  |
Estimated interest portion of rent expense | 41.4 |  |
| $ | 71.7 |  |
Ratio of earnings to fixed charges | 8.0 |  |

| 2015 |  | 2014 |  | 2013 |  | 2012 |  | 2011
Earnings: |  |  |  |  |  |  |  |  |
Earnings before income taxes | $ | 660.7 |  |  | $ | 681.6 |  |  | $ | 475.5 |  |  | $ | 368.4 |  |  | $ | 479.9 |
Fixed charges | 118.4 |  |  | 133.6 |  |  | 159.7 |  |  | 165.1 |  |  | 170.2 |
| $ | 779.1 |  |  | $ | 815.2 |  |  | $ | 635.2 |  |  | $ | 533.5 |  |  | $ | 650.1 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest (expensed or capitalized) | $ | 38.6 |  |  | $ | 35.1 |  |  | $ | 43.2 |  |  | $ | 42.5 |  |  | $ | 43.1 |
Estimated interest portion of rent expense | 79.8 |  |  | 98.5 |  |  | 116.5 |  |  | 122.6 |  |  | 127.1 |
| $ | 118.4 |  |  | $ | 133.6 |  |  | $ | 159.7 |  |  | $ | 165.1 |  |  | $ | 170.2 |
Ratio of earnings to fixed charges | 6.6 |  |  | 6.1 |  |  | 4.0 |  |  | 3.2 |  |  | 3.8 |

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.