Exhibit 12.1
MASTERCARD INCORPORATED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
in thousands, except ratios
| Year Ended December 31, | Nine Months Ended September 30, | |||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | 2009 | |||||||||||||||
| Pre-tax income (loss) before adjustment for non-controlling interests | $ | (383,213 | ) | $ | 1,671,432 | $ | 294,172 | $ | 407,338 | $ | 323,700 | $ | 1,759,718 | |||||||
| Loss attributable to non-controlling interests | 2,265 | 816 | (974 | ) | 198 | 1,552 | 2,266 | |||||||||||||
| Add: Fixed charges |
108,913 | 61,822 | 65,339 | 74,414 | 74,260 | 95,802 | ||||||||||||||
| Earnings |
$ | (272,035 | ) | $ | 1,734,070 | $ | 358,537 | $ | 481,950 | $ | 399,512 | $ | 1,857,786 | |||||||
| Fixed charges: |
||||||||||||||||||||
| Interest expense |
$ | 103,600 | $ | 57,277 | $ | 61,151 | $ | 70,158 | $ | 69,722 | $ | 91,667 | ||||||||
| Portion of rental expense under operating leases deemed to be the equivalent of interest (a) | 5,313 | 4,545 | 4,188 | 4,256 | 4,538 | 4,135 | ||||||||||||||
| Total fixed charges |
$ | 108,913 | $ | 61,822 | $ | 65,339 | $ | 74,414 | $ | 74,260 | $ | 95,802 | ||||||||
| Ratio of earnings to fixed charges |
— | (b) | 28.0 | 5.5 | 6.5 | 5.4 | 19.4 | |||||||||||||
| (a) | Portion of rental expense under operating leases deemed to be the equivalent of interest at an appropriate interest factor. |
| (b) | The ratio coverage was less than 1:1. MasterCard would have needed to generate additional earnings of $380,948 and $826,377 to achieve a coverage of 1:1 in 2008 and the nine months ended September 30, 2008, respectively. |