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EDWARDS LIFESCIENCES CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| | Year ended December 31, | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||
| | (Dollars in millions) | |||||||||||||||
Earnings: | ||||||||||||||||
Income before provision for income taxes | $ | 1,144.0 | $ | 511.2 | $ | 388.2 | $ | 284.0 | $ | 265.2 | ||||||
Add: | ||||||||||||||||
Fixed charges | 24.8 | 18.4 | 12.4 | 10.3 | 8.9 | |||||||||||
Distributed income of equity investees | 2.1 | — | 0.3 | — | 0.7 | |||||||||||
Earnings, as adjusted | $ | 1,170.9 | $ | 529.6 | $ | 400.9 | $ | 294.3 | $ | 274.8 | ||||||
Fixed charges: | ||||||||||||||||
Interest expense | $ | 15.5 | $ | 8.9 | $ | 3.9 | $ | 2.7 | $ | 2.1 | ||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 1.7 | 0.9 | 0.5 | 0.4 | 0.3 | |||||||||||
Interest portion of rental expense(a) | 7.6 | 8.6 | 8.0 | 7.2 | 6.5 | |||||||||||
Fixed charges | $ | 24.8 | $ | 18.4 | $ | 12.4 | $ | 10.3 | $ | 8.9 | ||||||
Ratio of earnings to fixed charges | 47.1 | 28.7 | 32.4 | 28.7 | 30.8 | |||||||||||
- •
- One-third of all rental expense is deemed to be interest, which we believe to be a conservative estimate of an interest factor in our leases.
EDWARDS LIFESCIENCES CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES