EX-12.1 4 a2215426zex-12_1.htm EX-12.1

Exhibit 12.1

 

 

 

3 months ended
March 31,

 

Fiscal Years Ended December 31,

 

 

 

2013

 

2012

 

2011

 

2010

 

2009

 

2008 (1)

 

Ratio of earnings to fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed

 

77,987

 

308,699

 

335,944

 

331,462

 

318,496

 

380,779

 

Interest capitalized

 

—

 

—

 

—

 

—

 

—

 

—

 

Add back: capitalized interest

 

—

 

—

 

—

 

—

 

—

 

—

 

Appropriate portion of rentals

 

3,223

 

13,087

 

12,088

 

11,389

 

11,522

 

10,989

 

 

 

81,210

 

321,786

 

348,032

 

342,851

 

330,018

 

391,768

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations before adjustments for income or loss from equity investees and non-controlling interest

 

143,608

 

820,944

 

654,636

 

355,966

 

225,779

 

(68,918

)

Add: Fixed charges

 

81,210

 

321,786

 

348,032

 

342,851

 

330,018

 

391,768

 

Add: Amortization of capitalized interest

 

—

 

—

 

—

 

—

 

351

 

351

 

Add: Dividends from equity method investees

 

—

 

—

 

—

 

—

 

—

 

—

 

Less: Interest capitalized

 

—

 

—

 

—

 

—

 

—

 

—

 

Total earnings

 

224,818

 

1,142,730

 

1,002,668

 

698,817

 

556,148

 

323,201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.77

 

3.55

 

2.88

 

2.04

 

1.69

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed

 

77,987

 

308,699

 

335,944

 

331,462

 

318,496

 

380,779

 

Interest capitalized

 

—

 

—

 

—

 

—

 

—

 

—

 

Appropriate portion of rentals

 

3,223

 

13,087

 

12,088

 

11,389

 

11,522

 

10,989

 

Preferred stock dividend requirement

 

—

 

—

 

—

 

125,194

 

139,035

 

49,718

 

Total fixed charges and preferred stock dividends

 

81,210

 

321,786

 

348,032

 

468,044

 

469,053

 

441,486

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations before adjustments for income or loss from equity investee and non-controlling interest

 

143,608

 

820,944

 

654,636

 

355,966

 

225,779

 

(68,918

)

Add: Fixed charges

 

81,210

 

321,786

 

348,032

 

468,044

 

469,053

 

441,486

 

Add: Amortization of capitalized interest

 

—

 

—

 

—

 

—

 

351

 

351

 

Add: Dividends from equity method investees

 

—

 

—

 

—

 

—

 

—

 

—

 

Less: Interest capitalized

 

—

 

—

 

—

 

—

 

—

 

—

 

Total earnings

 

224,818

 

1,142,730

 

1,002,668

 

824,010

 

695,183

 

372,919

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred stock dividends

 

2.77

 

3.55

 

2.88

 

1.76

 

1.48

 

—

 

 

(1)         Due to the Company’s loss for the year ended December 31, 2008, the ratio coverages were less than 1:1. The Company would have needed to generate additional earnings of approximately $68.6 million to achieve a coverage ratio of 1:1. Included in the earnings for calendar year ended December 31, 2008 is a $385 million goodwill impairment charge related to the Mylan Speciality business and $468 million of other revenue related to our sale of the product rights to BystolicTM.