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Content analysis
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
H.S. freshman Avg
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Exhibit 12
CBS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Tabular dollars in millions, except ratios)
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| Twelve Months Ended December 31, |
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| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
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Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies |
| $ | 2,561 |
| $ | 2,179 |
| $ | 1,335 |
| $ | 577 |
| $ | (12,076) |
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Add: |
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Distributions from investee companies |
| 17 |
| 13 |
| - |
| 2 |
| 6 |
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Interest expense, net of capitalized interest |
| 402 |
| 435 |
| 527 |
| 540 |
| 544 |
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1/3 of rental expense |
| 162 |
| 161 |
| 161 |
| 167 |
| 164 |
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Total Earnings (loss) from continuing operations |
| $ | 3,142 |
| $ | 2,788 |
| $ | 2,023 |
| $ | 1,286 |
| $ | (11,362) |
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Fixed charges: |
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Interest expense, net of capitalized interest |
| $ | 402 |
| $ | 435 |
| $ | 527 |
| $ | 540 |
| $ | 544 |
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1/3 of rental expense |
| 162 |
| 161 |
| 161 |
| 167 |
| 164 |
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Total fixed charges |
| $ | 564 |
| $ | 596 |
| $ | 688 |
| $ | 707 |
| $ | 708 |
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Ratio of earnings to fixed charges |
| 5.6 | x | 4.7x |
| 2.9x |
| 1.8x |
| Note a |
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Note:
(a) Earnings are inadequate to cover fixed charges by $12.07 billion in 2008 due to the noncash impairment charges of $13.63 billion.