EX-12 14 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12

 

Wyeth

Computation of Ratio of Earnings to Fixed Charges

(In thousands except ratio amounts)

 

     Year Ended December 31,  
    

 

2008

    2007    2006     2005     2004  

Earnings (Loss):

 

                                      

Income (loss) from continuing operations before income taxes

    $ 6,338,087    $ 6,456,682    $ 5,429,904     $ 4,780,589     $ (129,847 )

Add:

                                       

Fixed charges

      621,640      754,290      625,513       461,431       360,805  

Minority interests

      20,481      23,277      29,769       26,492       27,867  

Amortization of capitalized interest

      32,485      24,240      22,465       21,356       9,350  

Less:

                                       

Equity income (loss)

      649      130      (317 )     (104 )     (524 )

Capitalized interest

      69,500      79,600      71,400       46,450       86,750  

Total earnings as defined

    $ 6,942,544    $ 7,178,759    $ 6,036,568     $ 5,243,522     $ 181,949  

Fixed Charges:

                                       

Interest and amortization of debt expense

    $ 492,290    $ 616,983    $ 498,847     $ 356,834     $ 221,598  

Capitalized interest

      69,500      79,600      71,400       46,450       86,750  

Interest factor of rental expense(1)

      59,850      57,707      55,266       58,147       52,457  

Total fixed charges as defined

    $ 621,640    $ 754,290    $ 625,513     $ 461,431     $ 360,805  

Ratio of earnings to fixed charges

      11.2      9.5      9.7       11.4       0.5  

 

(1)

A  1/3 factor was used to compute the portion of rental expenses deemed representative of the interest factor.