EX-12 8 ex12.txt Exhibit 12 Wyeth Computation of Ratio of Earnings to Fixed Charges (3) (in thousands, except ratio amounts)
Year Ended December 31, Three Months Ended ------------------------------------------------------------------- March 31, 2003 2002 2001 2000 1999 1998 ------------------ ---------- ---------- ----------- ----------- ---------- Earnings -------- Income (loss) from continuing operations before federal and foreign taxes $1,782,588 $6,097,245 $2,868,747 $(1,101,040) $(1,907,299) $3,089,936 Add: ---- Fixed charges 83,190 430,449 439,058 324,887 403,694 371,986 Minority interests 4,863 27,993 20,841 26,784 30,301 620 Distributed equity income 0 0 0 0 0 771 Amortization of capitalized interest 2,206 8,866 2,497 1,917 1,803 1,487 Less: ----- Equity income 328 20,766 70,372 55,991 2,122 473 Capitalized interest 24,600 88,008 94,257 43,303 15,375 9,497 ---------- ---------- ---------- ----------- ----------- ---------- Total earnings (loss) as defined $1,847,919 $6,455,779 $3,166,514 $(846,746) $(1,488,998) $3,454,830 ========== ========== ========== =========== =========== ========== Fixed Charges: -------------- Interest and amortization of debt expense $46,520 $294,160 $301,145 $238,840 $343,271 $322,970 Capitalized interest 24,600 88,008 94,257 43,303 15,375 9,497 Interest factor of rental expense (1) 12,070 48,281 43,656 42,744 45,048 39,519 ---------- ---------- ---------- ----------- ----------- ---------- Total fixed charges as defined $83,190 $430,449 $439,058 $324,887 $403,694 $371,986 ========== ========== ========== =========== =========== ========== Ratio of earnings to fixed charges (2) 22.2 15.0 7.2 - - 9.3 (1) A 1/3 factor was used to compute the portion of rental expenses deemed representative of the interest factor. (2) The results of operations for the years ended December 31, 2000 and 1999 were inadequate to cover total fixed charges as defined. The coverage deficiency for the years ended December 31, 2000 and 1999 was $1,171,633 and $1,892,692, respectively. (3) Amounts have been restated to reflect the Cyanamid Agricultural Products business as a discontinued operation.