Emergent BioSolutions (EBS) 10-Q 2015 Q3 Quarterly report

 EXHIBIT 12

	Ratio of Earnings to Fixed Charges
	Year to Date
	September 30,		Year Ended December 31,
(in thousands)	2015		2014		2013		2012		2011		2010
Pretax income from continuing operations (1)	$	41,888	$	53,062	$	44,243	$	37,446	$	38,849	$	77,880
Fixed charges
Interest expense		5,862		7,480		1,973		2,177		1,719		1,778
Debt issuance cost		1,182		3,274		319		67		135		113
Total fixed charges (2)		7,044		10,754		2,244		2,244		1,854		1,891
Noncontrolling interest in pretax income (3)		-		-		876		5,381		6,906		4,514
Capitalized interest (4)		2,127		2,530		1,973		2,171		1,713		1,796
Earnings ((1) + (2) -(3) -(4))		46,805		61,286		43,686		32,138		32,084		73,461
Fixed charges		7,044		10,754		2,292		2,244		1,854		1,891
Ratio of earnings to fixed charges		6.6		5.7		19.1		14.3		17.3		38.8