EXHIBIT 12.1
MASTERCARD INCORPORATED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, | ||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
| (in millions, except ratios) | ||||||||||||||||||||
| Pre-tax income (loss) before adjustment for non-controlling interests |
$ | 2,757 | $ | 2,218 | $ | (383 | ) | $ | 1,671 | $ | 294 | |||||||||
| Loss attributable to non-controlling interests |
1 | 3 | 2 | 1 | (1 | ) | ||||||||||||||
| Add: Fixed charges |
56 | 120 | 109 | 62 | 65 | |||||||||||||||
| Earnings |
$ | 2,814 | $ | 2,341 | $ | (272 | ) | $ | 1,734 | $ | 358 | |||||||||
| Fixed charges: |
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| Interest expense |
$ | 52 | $ | 115 | $ | 104 | $ | 57 | $ | 61 | ||||||||||
| Portion of rental expense under operating leases deemed to be the equivalent of interest1 |
4 | 5 | 5 | 5 | 4 | |||||||||||||||
| Total fixed charges |
$ | 56 | $ | 120 | $ | 109 | $ | 62 | $ | 65 | ||||||||||
| Ratio of earnings to fixed charges |
50.3 | 19.5 | — | 2 | 28.0 | 5.5 | ||||||||||||||
| 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 $381 million to achieve a coverage of 1:1 in 2008. |