Emergent BioSolutions (EBS) 10-Q 2014 Q2 Quarterly report

Exhibit 12

	Ratio of Earnings to Fixed Charges
	Period Ended
	June 30,			Year Ended December 31,
(in thousands)	2014			2013		2012		2011		2010		2009
Pretax income (loss) from continuing operations (1)	$	(20,947	)	$	37,446	$	38,849	$	77,880	$	46,110	$	32,737
Fixed charges
Interest expensed		3,814			2,177		1,719		1,778		1,797		3,032
Debt issuance cost		2,531			67		135		113		159		54
Total fixed charges (2)		6,345			2,244		1,854		1,891		1,956		3,086
Noncontrolling interest in pretax income (3)		-			5,381		6,906		4,514		4,599		724
Capitalized interest (4)		1,050			2,171		1,713		1,796		1,790		3,023
Earnings ((1) + (2) -(3) -(4))		(15,652	)		32,138		32,084		73,461		41,677		32,076
Fixed charges		6,345			2,244		1,854		1,891		1,956		3,086
Ratio of earnings to fixed charges		(2.5	)		14.3		17.3		38.8		21.3		10.4