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AmerisourceBergen Corporation
Computation of Ratio of Earnings to Fixed Charges
| | Fiscal Year Ended September 30, | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands, except ratios) | 2011 | 2012 | 2013 | 2014 | 2015 | |||||||||||
Determination of earnings: | ||||||||||||||||
Income from continuing operations before income taxes | $ | 1,117,989 | $ | 1,216,873 | $ | 824,458 | $ | 673,428 | $ | 274,149 | ||||||
Add: | ||||||||||||||||
Loss on equity investments | 607 | 380 | 113 | 172 | 30,833 | |||||||||||
Fixed charges (excluding capitalized interest) | 85,960 | 103,746 | 86,989 | 89,977 | 115,314 | |||||||||||
Amortization of capitalized interest | 1,193 | 1,443 | 1,635 | 1,676 | 1,676 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total earnings available for fixed charges | $ | 1,205,749 | $ | 1,322,442 | $ | 913,195 | $ | 765,253 | $ | 421,972 | ||||||
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Fixed charges: | ||||||||||||||||
Interest expense | $ | 78,329 | $ | 94,369 | $ | 75,047 | $ | 77,703 | $ | 101,986 | ||||||
Capitalized interest | 3,367 | 504 | — | — | — | |||||||||||
Estimated interest portion of rent expense | 7,631 | 9,377 | 11,942 | 12,274 | 13,328 | |||||||||||
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Total fixed charges | $ | 89,327 | $ | 104,250 | $ | 86,989 | $ | 89,977 | $ | 115,314 | ||||||
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Ratio of earnings to fixed charges(1) | 13.5 | 12.7 | 10.5 | 8.5 | 3.7 | |||||||||||
- (1)
- For purposes of computing the above ratios:
- •
- Earnings include warrant expense, a non-cash expense, of $90.1 million, $422.7 million and $912.7 million in the fiscal years ended September 30, 2013, 2014, and 2015, respectively.
- •
- Loss on equity investments includes an impairment charge of $30.6 million in fiscal 2015 related to the Company's minority interest in a pharmaceutical wholesaler in Brazil. There was no such impairment charge recorded in the fiscal years ended September 30, 2011, 2012, 2013, and 2014, respectively.
AmerisourceBergen Corporation Computation of Ratio of Earnings to Fixed Charges