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Content analysis
?Positive | ||
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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 |
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| December 31, |
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| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
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Earnings from continuing operations before income taxes and equity in loss of investee companies |
| $ | 2,897 |
| $ | 2,561 |
| $ | 2,179 |
| $ | 1,335 |
| $ | 577 |
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Add: |
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Distributions from investee companies |
| 13 |
| 17 |
| 13 |
| - |
| 2 |
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Interest expense, net of capitalized interest |
| 376 |
| 402 |
| 435 |
| 527 |
| 540 |
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1/3 of rental expense |
| 168 |
| 162 |
| 161 |
| 161 |
| 167 |
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Total earnings from continuing operations |
| $ | 3,454 |
| $ | 3,142 |
| $ | 2,788 |
| $ | 2,023 |
| $ | 1,286 |
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Fixed charges: |
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Interest expense, net of capitalized interest |
| $ | 376 |
| $ | 402 |
| $ | 435 |
| $ | 527 |
| $ | 540 |
| |
1/3 of rental expense |
| 168 |
| 162 |
| 161 |
| 161 |
| 167 |
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Total fixed charges |
| $ | 544 |
| $ | 564 |
| $ | 596 |
| $ | 688 |
| $ | 707 |
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Ratio of earnings to fixed charges |
| 6.3 | x | 5.6 | x | 4.7 | x | 2.9 | x | 1.8 | x |