EX-12 9 ex12.txt EXHIBIT 12 EXHIBIT 12 Omnicare, Inc. Computation of Ratio of Earnings to Fixed Charges (in thousands)
For the years ended December 31, -------------------------------- 2002 2001 2000 1999 1998 -------- -------- -------- -------- -------- Income before Income Taxes (1) $203,051 $119,785 $ 77,523 $ 91,671 $135,866 Add: Interest Expense 52,811 52,724 52,974 44,439 22,727 Amortization of Debt Expense 4,000 3,600 2,100 1,727 884 Interest Portion of Rent Expense 10,600 9,033 9,300 8,436 6,838 -------- -------- -------- -------- -------- Adjusted income $270,462 $185,142 $141,897 $146,273 $166,315 ======== ======== ======== ======== ======== Fixed Charges Interest Expense $ 52,811 $ 52,724 $ 52,974 $ 44,439 $ 22,727 Amortization of Debt Expense 4,000 3,600 2,100 1,727 884 Capitalized Interest -- -- -- 1,688 976 Interest Portion of Rent Expense 10,600 9,033 9,300 8,436 6,838 -------- -------- -------- -------- -------- Fixed Charges $ 67,411 $ 65,357 $ 64,374 $ 56,290 $ 31,425 ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges (2) 4.0x 2.8x 2.2x 2.6x 5.3x ======== ======== ======== ======== ========
(1) Includes certain special items such as restructuring and other related charges, other expenses and pooling-of-interests acquisition expenses. See the Notes to Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations for a further description of these special items. (2) The ratio of earnings to fixed charges has been computed by dividing earnings before income taxes plus fixed charges (excluding capitalized interest expense) by fixed charges. Fixed charges consist of interest expense on debt (including the amortization of debt expense and capitalized interest) and one-third (the proportion deemed representative of the interest portion) of rent expense.