EX-12.1 3 exhibit121.htm RATIO OF EARNINGS TO FIXED CHARGES 2014.12.31 Exhibit 12.1


Exhibit 12.1
Centene Corporation
Computation of ratio of earnings to fixed charges
($ in millions)
 
Year Ended December 31,
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings:
 
 
 
 
 
 
 
 
 
Pre-tax earnings from continuing operations
$
457

 
$
269

 
$
123

 
$
188

 
$
154

Addback:
 
 
 
 
 
 
 
 
 
Fixed charges
50

 
37

 
29

 
28

 
26

Subtract:
 
 
 
 
 
 
 
 
 
Non-controlling interest
(7
)
 
(1
)
 
13

 
3

 
(3
)
Interest capitalized
—

 
—

 
—

 
—

 
(1
)
Total earnings
$
500

 
$
305

 
$
165

 
$
219

 
$
176

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
$
35

 
$
27

 
$
20

 
$
20

 
$
19

Interest component of rental payments (1)
15

 
10

 
9

 
8

 
7

Total fixed charges
$
50

 
$
37

 
$
29

 
$
28

 
$
26

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
10.0

 
8.2

 
5.7

 
7.8

 
6.8

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