Bristol-Myers Squibb (BMY) 10-Q 2014 Q3 Quarterly report

EXHIBIT 12.

Computation of Earnings to Fixed Charges

Ratio of Earnings to Fixed Charges:	Nine Months Ended   September 30, 2014		Year Ended December 31,
			2013		2012		2011		2010
Dollars in Millions
Earnings
Earnings from continuing operations before income taxes	$	2,441	$	2,891	$	2,340	$	6,981	$	6,071
Less:
Noncontrolling interest in pre-tax income of subsidiaries
that have not incurred fixed charges	18		36		844		2,323		2,074
Equity in net income of affiliates	81		166		183		281		313
Capitalized interest	2		—		—		—		8
Adjusted Income	2,340		2,689		1,313		4,377		3,676
Add:
Fixed charges	188		255		227		190		201
Distributed income of equity investments	121		149		229		283		313
Total Earnings	$	2,649	$	3,093	$	1,769	$	4,850	$	4,190
Fixed Charges
Interest expense	$	150	$	199	$	182	$	145	$	145
Capitalized interest	2		—		—		—		8
One-third of rental expense(1)	36		56		45		45		48
Total Fixed Charges	$	188	$	255	$	227	$	190	$	201
Ratio of Earnings to Fixed Charges	14.09		12.13		7.79		25.53		20.85

⁽¹⁾Rents included in the computation consist of one-third of rental expense which the Company believes to be a reasonable estimate of an interest factor in its leases.

E-12-1