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Exhibit 12.2
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EXHIBIT 12.2
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IKON OFFICE SOLUTIONS, INC.
RATIO OF EARNINGS TO FIXED CHARGES (EXCLUDING CAPTIVE FINANCE SUBSIDIARIES)
(dollars in thousands)
<TABLE>
<CAPTION>
Fiscal Year Ended September 30
------------------------------------------------------------------------
2000 1999 1998 1997 1996
--------- ----------- --------- ---------- -----------
<S> <C> <C> <C> <C> <C>
Earnings
Income (loss) from continuing operations (53,483) (51,437) (140,552) 85,897 140,656
Add:
Provision for income taxes 7,388 (7,378) (33,291) 65,931 85,512
Fixed charges 104,211 103,085 98,544 92,738 59,514
--------- --------- --------- ---------- ----------
Earnings, as adjusted (A) 58,116 44,270 (75,299) 244,566 285,682
========= ========= ========= ========== ==========
Fixed charges
Other interest expense including interest on
capital leases 69,821 71,225 70,668 47,453 37,179
Estimated interest component of rental expense 34,390 31,860 27,876 26,584 22,335
Prepayment penalties on early extiguishment of
debt - - - 18,701 -
--------- ----------- --------- ---------- -----------
Total fixed charges (B) 104,211 103,085 98,544 92,738 59,514
========= =========== ========= ========== ===========
Ratio of earnings to fixed charges
(A) divided by (B) 0.6 (1) 0.4 (2) (0.8) (3) 2.6 (4) 4.8 (5)
========= =========== ========= ========== ===========
</TABLE>
(1) Excluding the effect of the gain on sale of investment, extraordinary gain
from the early retirement of debt, shareholder litigation insurance
proceeds, restructuring and asset impairment charge, and benefit from
discontinued operations, the ratio of earnings to fixed charges (excluding
finance subsidiaries) for the fiscal year ended September 30, 2000 is 1.8.
(2) Excluding the effect of the shareholder litigation settlement charge, the
ratio of earnings to fixed charges (excluding finance subsidiaries) for the
fiscal year ended September 30 1999 is 1.4.
(3) Excluding the effect of transformation costs and the loss from asset
impairment, the ratio of earnings to fixed charges (excluding finance
subsidiaries) for the fiscal year ended September 30, 1998 is 0.2.
(4) Excluding the effect of transformation costs, the ratio of earnings to
fixed charges (excluding finance subsidiaries) for the fiscal year ended
September 30, 1997 is 4.0.
(5) Excluding the effect of transformation costs, the ratio of earnings to
fixed charges (excluding finance subsidiaries) for the fiscal year ended
September 30, 1996 is 5.2.
