Exhibit 12.1
DIEBOLD, INCORPORATED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in millions)
Six months ended June 30, | Year ended December 31, | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Total earnings from continuing operations | (0.1 | ) | 59.5 | 107.3 | (190.2 | ) | 68.7 | 159.0 | ||||||||||||||||
Income tax provision | (15.7 | ) | (13.7 | ) | 47.4 | 48.4 | 19.2 | 12.6 | ||||||||||||||||
Pre Tax Earnings | (15.8 | ) | 45.8 | 154.7 | (141.8 | ) | 87.9 | 171.7 | ||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest charges | 35.8 | 32.5 | 31.4 | 29.2 | 30.3 | 34.5 | ||||||||||||||||||
Interest factor of operating rents(1) | 12.1 | 22.6 | 24.1 | 25.1 | 24.9 | 24.6 | ||||||||||||||||||
Total fixed charges | 47.9 | 55.1 | 55.5 | 54.3 | 55.2 | 59.1 | ||||||||||||||||||
Earnings as adjusted | 32.1 | 100.9 | 210.2 | (87.5 | ) | 143.1 | 230.8 | |||||||||||||||||
Ratio of earnings to fixed charges | 0.67 | 1.83 | 3.79 | — | (2) | 2.59 | 3.91 |
(1) | Interest portion of rental expense is estimated to equal 1/3 of such expense, which is considered a reasonable approximation of the interest factor. |
(2) | Earnings were inadequate to cover fixed charges for the year ended December 31, 2013 by approximately $229.3 million. |