Catamaran 10-K 2014 FY Annual report

Exhibit 12.1

Catamaran Corporation
Ratio of Earnings to Fixed Charges
(dollars in thousands)
	2014			2013			2012			2011		2010
Earnings:
Income before income taxes	$	507,908		$	402,142		$	190,337		$	138,294	$	97,556
Less non-controlling interest (1)	(58,780		)	(36,569		)	(4,363		)	—		—
Add fixed charges:
Interest expense (2)	55,468			39,116			25,847			1,904		1,362
Interest portion of consolidated rent expense (3)	11,990			11,766			5,715			2,140		1,896
Adjusted earnings	$	516,586		$	416,455		$	217,536		$	142,338	$	100,814
Fixed charges:
Interest expense	$	55,468		$	39,116		$	25,847		$	1,904	$	1,362
Interest portion of consolidated rent expense	11,990			11,766			5,715			2,140		1,896
Total fixed charges	$	67,458		$	50,882		$	31,562		$	4,044	$	3,258
Ratio of earnings to fixed charges	7.66			8.18			6.89			35.20		30.94

(1) Non-controlling interest is not included in earnings contributed to the Company

(2) Interest expense on income tax contingencies is not included in fixed charges

(3) One third of rental expenses was used to represent the interest factor of rental expenses