EX-12.1 3 c63559exv12w1.htm EX-12.1 exv12w1
EXHIBIT 12.1
EXPRESS SCRIPTS, INC.
Calculation of Ratio of Earnings to Fixed Charges
(Dollar amounts in millions)
                                                         
    Three Months Ended    
    March 31,   Year Ended December 31,
    2011   2010   2010   2009   2008   2007   2006
Income from continuing operations before income taxes
   $ 513.1     $ 413.6     $ 1,908.7     $ 1,308.4     $ 1,207.4     $ 940.2     $ 738.3  
Add:
                                                        
Undistributed loss from joint venture
     —       —       —       —       0.3       1.3       1.6  
Interest expense
     39.7       42.8       167.1       194.4       77.6       108.4       95.7  
Estimated interest component of rental expense
     2.3       3.1       13.4       9.3       9.6       9.8       8.4  
Income as adjusted
   $ 555.1     $ 459.5     $ 2,089.2     $ 1,512.1     $ 1,294.9     $ 1,059.7     $ 844.0  
Fixed charges:
                                                        
Interest expense
     39.7       42.8       167.1       194.4       77.6       108.4       95.7  
Estimated interest component of rental expense
     2.3       3.1       13.4       9.3       9.6       9.8       8.4  
Total fixed charges
   $ 42.0     $ 45.9     $ 180.5     $ 203.7     $ 87.2     $ 118.2     $ 104.1  
 
                                                        
Ratio of Earnings to Fixed Charges
     13.2       10.0       11.6       7.4       14.8       9.0       8.1  
Note: Interest component of rental expense estimated to be 1/3 of rental expense, which management believes represents a reasonable approximation of the interest factor.

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