EX-12.1 3 ctrxexhibit12110-k123113.htm EXHIBIT CTRX Exhibit 12.1 10-K12.31.13


Exhibit 12.1

Catamaran Corporation
Ratio of Earnings to Fixed Charges
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings:
 
 
 
 
 
 
 
 
 
 
    Income before income taxes
 
$
402,142

 
$
190,337

 
$
138,294

 
$
97,556

 
$
68,085

    Less non-controlling interest (1)
 
(36,569
)
 
(4,363
)
 
—

 
—

 
—

    Add fixed charges:
 
 
 
 
 
 
 
 
 
 
    Interest expense (2)
 
39,116

 
25,847

 
1,904

 
1,362

 
5,399

    Interest portion of consolidated rent expense (3)
 
11,766

 
5,715

 
2,140

 
1,896

 
2,179

Adjusted earnings
 
$
416,455

 
$
217,536

 
$
142,338

 
$
100,814

 
$
75,663

Fixed charges:
 
 
 
 
 
 
 
 
 
 
    Interest expense
 
$
39,116

 
$
25,847

 
$
1,904

 
$
1,362

 
$
5,399

    Interest portion of consolidated rent expense
 
11,766

 
5,715

 
2,140

 
1,896

 
2,179

Total fixed charges
 
$
50,882

 
$
31,562

 
$
4,044

 
$
3,258

 
$
7,578

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
8.18

 
6.89

 
35.20

 
30.94

 
9.98

 
 
 
 
 
 
 
 
 
 
 

(1) Non-controlling interest is not included in earnings contributed to the Company

(2) Interest expense on income tax contingencies is not included in fixed charges

(3) One third of rental expenses was used to represent the interest factor of rental expenses