Attached files
file | filename |
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EX-32.2 - EXHIBIT 32.2 - UNISYS CORP | q22018-ex322.htm |
EX-32.1 - EXHIBIT 32.1 - UNISYS CORP | q22018-ex321.htm |
EX-31.2 - EXHIBIT 31.2 - UNISYS CORP | q22018-ex312.htm |
EX-31.1 - EXHIBIT 31.1 - UNISYS CORP | q22018-ex311.htm |
EX-10.1 - EXHIBIT 10.1 - UNISYS CORP | q22018-ex101.htm |
10-Q - 10-Q - UNISYS CORP | q2201810-q.htm |
Exhibit 12
UNISYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS (UNAUDITED)
($ in millions)
Six Months Ended June 30, 2018 | Years Ended December 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Fixed charges | ||||||||||||||||||||||||
Interest expense | $ | 32.3 | $ | 52.8 | $ | 27.4 | $ | 11.9 | $ | 9.2 | $ | 9.9 | ||||||||||||
Interest capitalized during the period | 2.6 | 4.2 | 3.0 | 3.1 | 4.0 | 3.2 | ||||||||||||||||||
Amortization of revolving credit facility expenses | 0.1 | 0.7 | 0.4 | 1.5 | 1.6 | 1.6 | ||||||||||||||||||
Portion of rental expense representative of interest | 11.6 | 23.9 | 25.8 | 26.9 | 27.9 | 28.4 | ||||||||||||||||||
Total Fixed Charges | 46.6 | 81.6 | 56.6 | 43.4 | 42.7 | 43.1 | ||||||||||||||||||
Preferred stock dividend requirements(i) | — | — | — | — | 2.7 | 16.2 | ||||||||||||||||||
Total fixed charges and preferred stock dividends | 46.6 | 81.6 | 56.6 | 43.4 | 45.4 | 59.3 | ||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Income (loss) before income taxes | 82.9 | (72.1 | ) | 20.5 | (58.8 | ) | 145.5 | 219.4 | ||||||||||||||||
Add amortization of capitalized interest | 1.8 | 3.2 | 3.1 | 3.7 | 4.5 | 5.0 | ||||||||||||||||||
Subtotal | 84.7 | (68.9 | ) | 23.6 | (55.1 | ) | 150.0 | 224.4 | ||||||||||||||||
Fixed charges per above | 46.6 | 81.6 | 56.6 | 43.4 | 42.7 | 43.1 | ||||||||||||||||||
Less interest capitalized during the period | (2.6 | ) | (4.2 | ) | (3.0 | ) | (3.1 | ) | (4.0 | ) | (3.2 | ) | ||||||||||||
Total earnings | $ | 128.7 | $ | 8.5 | $ | 77.2 | $ | (14.8 | ) | $ | 188.7 | $ | 264.3 | |||||||||||
Ratio of earnings to fixed charges | 2.76 | * | 1.36 | * | 4.42 | 6.13 | ||||||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends(ii) | 2.76 | N/A | 1.36 | N/A | 4.16 | 4.46 |
(i) | Amounts have not been grossed up for income taxes since the preferred stock was issued by the U.S. parent corporation which has a valuation allowance against its net deferred tax assets. |
(ii) | 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 years ended December 31, 2017 and 2015 were inadequate to cover fixed charges by $73.1 million and $58.2 million, respectively. |