EX-12 2 d686876dex12.htm EX-12

Exhibit 12

UNISYS CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND

PREFERRED STOCK DIVIDENDS (UNAUDITED)

($ in millions)

|  | Three Months Ended Mar. 31, |  |  | Years Ended December 31 |
|  | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2011 |  |  | 2010 |  |  | 2009 |
Fixed charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 2.0 |  |  | $ | 9.9 |  |  | $ | 27.5 |  |  | $ | 63.1 |  |  | $ | 101.8 |  |  | $ | 95.2 |
Interest capitalized during the period |  |  | 1.3 |  |  |  | 3.2 |  |  |  | 5.3 |  |  |  | 4.9 |  |  |  | 9.1 |  |  |  | 7.5 |
Amortization of debt issuance expenses |  |  | .4 |  |  |  | 1.6 |  |  |  | 1.7 |  |  |  | 1.9 |  |  |  | 2.6 |  |  |  | 3.3 |
Portion of rental expense representative of interest |  |  | 7.0 |  |  |  | 28.4 |  |  |  | 28.2 |  |  |  | 32.6 |  |  |  | 33.5 |  |  |  | 34.9 |
Total Fixed Charges |  |  | 10.7 |  |  |  | 43.1 |  |  |  | 62.7 |  |  |  | 102.5 |  |  |  | 147.0 |  |  |  | 140.9 |
Preferred stock dividend requirements (a) |  |  | 2.7 |  |  |  | 16.2 |  |  |  | 16.2 |  |  |  | 13.5 |  |  |  | — |  |  |  | — |
Total fixed charges and preferred stock dividends |  |  | 13.4 |  |  |  | 59.3 |  |  |  | 78.9 |  |  |  | 116.0 |  |  |  | 147.0 |  |  |  | 140.9 |
Earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations before income taxes |  |  | (31.7 | ) |  |  | 219.4 |  |  |  | 254.1 |  |  |  | 206.0 |  |  |  | 222.9 |  |  |  | 218.2 |
Add amortization of capitalized interest |  |  | 1.3 |  |  |  | 5.0 |  |  |  | 7.5 |  |  |  | 7.4 |  |  |  | 9.1 |  |  |  | 11.6 |
Subtotal |  |  | (30.4 | ) |  |  | 224.4 |  |  |  | 261.6 |  |  |  | 213.4 |  |  |  | 232.0 |  |  |  | 229.8 |
Fixed charges per above |  |  | 10.7 |  |  |  | 43.1 |  |  |  | 62.7 |  |  |  | 102.5 |  |  |  | 147.0 |  |  |  | 140.9 |
Less interest capitalized during the period |  |  | (1.3 | ) |  |  | (3.2 | ) |  |  | (5.3 | ) |  |  | (4.9 | ) |  |  | (9.1 | ) |  |  | (7.5 | )
Total earnings |  | $ | (21.0 | ) |  | $ | 264.3 |  |  | $ | 319.0 |  |  | $ | 311.0 |  |  | $ | 369.9 |  |  | $ | 363.2 |
Ratio of earnings to fixed charges |  |  | * |  |  |  | 6.13 |  |  |  | 5.09 |  |  |  | 3.03 |  |  |  | 2.52 |  |  |  | 2.58 |
Ratio of earnings to fixed charges and preferred stock dividends (b) |  |  | ** |  |  |  | 4.46 |  |  |  | 4.04 |  |  |  | 2.68 |  |  |  | 2.52 |  |  |  | 2.58 |

(a) | Amounts have not been grossed up for income taxes since the preferred stock was issued by the U.S. parent corporation which has a full valuation allowance against its net deferred tax assets.

(b) | The ratio of earnings to fixed charges and preferred stock dividends is calculated by dividing total earnings by total fixed charges and preferred stock dividends.

* | Earnings for the three months ended March 31, 2014 were inadequate to cover fixed charges by $31.7 million.

** | Earnings for the three months ended March 31, 2014 were inadequate to cover fixed charges and preferred stock dividends by $34.4 million.