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INTERNATIONAL BUSINESS MACHINES CORP

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EXHIBIT 12

COMPUTATION OF RATIO OF INCOME FROM CONTINUING OPERATIONS
TO FIXED CHARGES
(Unaudited)

 
   Years Ended December 31:  
(Dollars in millions)
  2016   2015   2014   2013   2012  

Income from continuing operations before income taxes(1)

   $ 12,332   $ 15,953   $ 19,993   $ 20,252   $ 22,544  

Add:

                                

Fixed charges, excluding capitalized interest

     1,709     1,500     1,556     1,575     1,593  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income as adjusted before income taxes

   $ 14,041   $ 17,453   $ 21,549   $ 21,827   $ 24,137  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
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​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges:

                                

Interest expense

     1,206   $ 1,009   $ 1,025   $ 989   $ 1,004  

Capitalized interest

     2     0     4     22     18  

Portion of rental expense representative of interest

     503     491     531     586     589  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 1,711   $ 1,500   $ 1,560   $ 1,597   $ 1,611  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
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Ratio of income from continuing operations to fixed charges

     8.2     11.6     13.8     13.7     15.0  
(1)
Income from continuing operations before income taxes excludes (a) amortization of capitalized interest and (b) the company's share in the income and losses of less-than-fifty percent owned affiliates.



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COMPUTATION OF RATIO OF INCOME FROM CONTINUING OPERATIONS TO FIXED CHARGES (Unaudited)