EX-12.1 3 q12017exhibit121.htm EXHIBIT 12.1
Exhibit 12.1
STATEMENT REGARDING COMPUTATION
OF RATIO OF EARNINGS TO FIXED CHARGES
MANPOWERGROUP INC.
(in millions)

| 3 Months Ended |
| March 31, 2017 |
Earnings: |  |
Earnings before income taxes | $ | 112.1 |  |
Fixed charges | 24.7 |  |
| $ | 136.8 |  |
Fixed charges: |  |  |
Interest (expensed or capitalized) | $ | 9.3 |  |
Estimated interest portion of rent expense | 15.4 |  |
| $ | 24.7 |  |
Ratio of earnings to fixed charges | 5.5 |  |

| 2016 |  | 2015 |  | 2014 |  | 2013 |  | 2012
Earnings: |  |  |  |  |  |  |  |  |
Earnings before income taxes | $ | 701.3 |  |  | $ | 660.7 |  |  | $ | 681.6 |  |  | $ | 475.5 |  |  | $ | 368.4 |
Fixed charges | 93.0 |  |  | 118.4 |  |  | 133.6 |  |  | 159.7 |  |  | 165.1 |
| $ | 794.3 |  |  | $ | 779.1 |  |  | $ | 815.2 |  |  | $ | 635.2 |  |  | $ | 533.5 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest (expensed or capitalized) | $ | 38.1 |  |  | $ | 38.6 |  |  | $ | 35.1 |  |  | $ | 43.2 |  |  | $ | 42.5 |
Estimated interest portion of rent expense | 54.9 |  |  | 79.8 |  |  | 98.5 |  |  | 116.5 |  |  | 122.6 |
| $ | 93.0 |  |  | $ | 118.4 |  |  | $ | 133.6 |  |  | $ | 159.7 |  |  | $ | 165.1 |
Ratio of earnings to fixed charges | 8.5 |  |  | 6.6 |  |  | 6.1 |  |  | 4.0 |  |  | 3.2 |

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.