EX-12.1 3 exhibit121.htm RATIO OF EARNINGS TO FIXED CHARGES 2013.06.30 Exhibit 12.1


Exhibit 12.1
Centene Corporation
Computation of ratio of earnings to fixed charges
($ in thousands)
 
Six Months Ended June 30,
 
Year Ended December 31,
 
2013
 
2012
 
2011
 
2010
 
2009
 
2008
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Pre-tax earnings (loss) from continuing operations
$
102,229

 
$
(11,624
)
 
$
174,885

 
$
154,282

 
$
137,508

 
$
136,616

Addback:
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
18,463

 
29,679

 
27,822

 
26,141

 
23,104

 
23,128

Subtract:
 
 
 
 
 
 
 
 
 
 
 
Non-controlling interest
564

 
13,154

 
2,855

 
(3,435
)
 
(2,574
)
 
—

Interest capitalized
—

 
—

 
—

 
(1,089
)
 
(116
)
 
—

Total earnings
$
121,256

 
$
31,209

 
$
205,562

 
$
175,899

 
$
157,922

 
$
159,744

 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
$
13,658

 
$
20,460

 
$
20,320

 
$
19,081

 
$
16,434

 
$
16,673

Interest component of rental payments (1)
4,805

 
9,219

 
7,502

 
7,060

 
6,670

 
6,455

Total fixed charges
$
18,463

 
$
29,679

 
$
27,822

 
$
26,141

 
$
23,104

 
$
23,128

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
6.57

 
1.05

 
7.39

 
6.73

 
6.84

 
6.91

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Estimated at 33% of rental expense as a reasonable approximation of the interest factor.