Oracle (ORCL) 10-K 2013 FY Annual report

Exhibit 12.01

ORACLE CORPORATION

CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES

(Unaudited)

	Year Ended May 31,
(Dollars in millions)	2013		2012		2011		2010		2009
Earnings(1)
Income before provision for income taxes	$	13,898	$	12,962	$	11,411	$	8,243	$	7,834
Add: Noncontrolling interests		112		119		97		95		84
Add: Fixed charges		850		827		875		808		685
Total earnings	$	14,860	$	13,908	$	12,383	$	9,146	$	8,603
Fixed Charges(2)
Interest expense	$	797	$	766	$	808	$	754	$	630
Estimate of interest in rent expense		53		61		67		54		55
Total fixed charges	$	850	$	827	$	875	$	808	$	685
Ratio of earnings to fixed charges		17x		17x		14x		11x		13x

⁽¹⁾  The term “earnings” means the amounts resulting from the following: (a) our income before provision for income taxes, plus (b) the noncontrolling interests in the net income of our majority owned subsidiaries, plus (c) our fixed charges.

⁽²⁾  The term “fixed charges” means the amounts resulting from the following: (a) our interest expense, plus (b) our estimate of the interest component of rent expense.

We do not report any shares of preferred stock outstanding in our consolidated financial statements because our outstanding preferred stock is owned by one or more of our wholly-owned subsidiaries. Our ratio of earnings to combined fixed charges and preferred dividends for any given period is equivalent to our ratio of earnings to fixed charges.