EXHIBIT 12.1
MASTERCARD INCORPORATED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratios)
| Year Ended December 31, | |||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||
| Pre-tax income (loss) before adjustment for non-controlling interests |
$ | 2,218,051 | $ | (383,213 | ) | $ | 1,671,432 | $ | 294,172 | $ | 407,338 | ||||||
| Loss attributable to non-controlling interests |
3,083 | 2,265 | 816 | (974 | ) | 198 | |||||||||||
| Add: Fixed charges |
120,225 | 108,913 | 61,822 | 65,339 | 74,414 | ||||||||||||
| Earnings |
$ | 2,341,359 | $ | (272,035 | ) | $ | 1,734,070 | $ | 358,537 | $ | 481,950 | ||||||
| Fixed charges: |
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| Interest expense |
$ | 115,109 | $ | 103,600 | $ | 57,277 | $ | 61,151 | $ | 70,158 | |||||||
| Portion of rental expense under operating leases deemed to be the equivalent of interest1 |
5,116 | 5,313 | 4,545 | 4,188 | 4,256 | ||||||||||||
| Total fixed charges |
$ | 120,225 | $ | 108,913 | $ | 61,822 | $ | 65,339 | $ | 74,414 | |||||||
| Ratio of earnings to fixed charges |
19.5 | — | 2 | 28.0 | 5.5 | 6.5 | |||||||||||
| 1 | Portion of rental expense under operating leases deemed to be the equivalent of interest at an appropriate interest factor. |
| 2 | The ratio coverage was less than 1:1. MasterCard would have needed to generate additional earnings of $380,948 to achieve a coverage of 1:1 in 2008. |