EX-12 9 ex12.txt EXHIBIT 12 EXHIBIT 12 Omnicare, Inc. Statement of Computation of Ratio of Earnings to Fixed Charges (in thousands, except ratio)
For the years ended December 31, 2003 2002 2001 2000 1999 ---------------------------------------------------- Income before Income Taxes $310,449 $203,051 $119,785 $ 77,523 $ 91,671 Add: Interest Expense 73,345 52,811 52,724 52,974 44,439 Amortization of Debt Expense 4,200 4,000 3,600 2,100 1,727 Write-off of Debt Issuance Costs(1) 3,755 -- -- -- -- Interest Portion of Rent Expense 12,500 10,600 9,033 9,300 8,436 -------- -------- -------- -------- -------- Adjusted Income $404,249 $270,462 $185,142 $141,897 $146,273 ======== ======== ======== ======== ======== Fixed Charges Interest Expense $ 73,345 $ 52,811 $ 52,724 $ 52,974 $ 44,439 Amortization of Debt Expense 4,200 4,000 3,600 2,100 1,727 Write-off of Debt Issuance Costs(1) 3,755 -- -- -- -- Capitalized Interest -- -- -- -- 1,688 Interest Portion of Rent Expense 12,500 10,600 9,033 9,300 8,436 -------- -------- -------- -------- -------- Fixed Charges $ 93,800 $ 67,411 $ 65,357 $ 64,374 $ 56,290 ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges(2) 4.3x 4.0x 2.8x 2.2x 2.6x ======== ======== ======== ======== ========
(1) The year ended December 31, 2003 includes the write-off of unamortized debt issuance costs relating to the Company's redemption of its 5% convertible subordinated debentures. See Note 7 of the Notes to Consolidated Financial Statements for further discussion. (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.