|Exhibit 12

IOS CAPITAL, INC.

RATIO OF EARNINGS TO FIXED CHARGES   

(dollars in thousands)
|--------------------------------------------------------------------------------------------

|                                                                  |      |         |  |      |                                |  |      |         | 
|----------------------------------------------------------------- | ---- | ------- |  | ---- | ------------------------------ |  | ---- | ------- | 
|                                                                  |      |         |  |      | Fiscal Year Ended September 30 | 
|                                                                  |      |         |  |      |                                | 
|                                                                  | 2001 |         |  | 2000 |                                |  | 1999 |         | 
|                                                                  |      |        
|Earnings                                                          |      |         |  |      |                                |  |      |         | 
|Income from continuing operations                                 | $    | 84,738  |  | $    | 79,416                         |  | $    | 88,327  | 
|Add:                                                              |      |         |  |      |                                |  |      |         | 
|Provision for income taxes                                        |      | 52,428  |  |      | 48,446                         |  |      | 54,910  | 
|Fixed charges                                                     |      | 159,800 |  |      | 151,822                        |  |      | 121,531 | 
|                                                                  |      |        
|Earnings, as adjusted (A)                                         | $    | 296,966 |  | $    | 279,684                        |  | $    | 264,768 | 
|                                                                  |      |         |  |      |                                |  |      |         | 
|Fixed charges                                                     |      |         |  |      |                                |  |      |         | 
|Other interest expense, including interest

    on capital leases | $    | 159,138 |  | $    | 151,295                        |  | $    | 120,917 | 
|                                                                  |      |         |  |      |                                |  |      |         | 
|Estimated interest component of rental

   expense                |      | 662     |  |      | 527                            |  |      | 614     | 
|                                                                  |      |        
|                                                                  |      |         |  |      |                                |  |      |         | 
|Total fixed charges (B)                                           | $    | 159,800 |  | $    | 151,822                        |  | $    | 121,531 | 
|                                                                  |      |        
|Ratio of earnings to fixed charges                                |      |         |  |      |                                |  |      |         | 
|(A) divided by (B)                                                |      | 1.9     |  |      | 1.8                            |  |      | 2.2     | 
|                                                                  |      |