EX-12 2 stjude092109_ex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 to St. Jude Medical, Inc. Form 10-Q for quarterly period ended 4-4-2009

EXHIBIT 12

ST. JUDE MEDICAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(amounts in thousands of dollars)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three
Months Ended
April 4, 2009

 

FISCAL YEAR

 

 

 

 

2008
(As adjusted)

  

2007
(As adjusted)

  

2006
(As adjusted)

  

2005
(As adjusted)

 

2004

  

EARNINGS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

$

274,960

 

$

580,768

 

$

710,276

 

$

706,063

 

$

621,046

 

$

537,192

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plus fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (1)

 

 

6,951

 

 

72,554

 

 

72,258

 

 

48,461

 

 

10,386

 

 

4,810

 

Rent interest factor (2)

 

 

2,382

 

 

9,527

 

 

9,144

 

 

8,190

 

 

7,659

 

 

5,778

 

TOTAL FIXED CHARGES

 

 

9,333

 

 

82,081

 

 

81,402

 

 

56,651

 

 

18,045

 

 

10,588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS BEFORE INCOME
TAXES AND FIXED CHARGES

 

$

284,293

 

$

662,849

 

$

791,678

 

$

762,714

 

$

639,091

 

$

547,780

 

RATIO OF EARNINGS
TO FIXED CHARGES

 

 

30.5

 

 

8.1

 

 

9.7

 

 

13.5

 

 

35.4

 

 

51.7

 


 

 

 

 

(1)

Interest expense consists of interest on indebtedness and amortization of debt issuance costs. Interest expense amounts for fiscal year 2008, 2007, 2006 and 2005 have been adjusted by $49,973, $34,029, $14,578 and $358, respectively, to reflect the retrospective accounting adjustments required under FSP APB No. 14-1.

 

(2)

Approximately one-third of rental expense is deemed representative of the interest factor.