EXHIBIT 12.1
EXPRESS SCRIPTS, INC.
Calculation of Ratio of Earnings to Fixed Charges
(Dollar amounts in millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | |
| | | March 31, | | Year Ended December 31, |
| | | 2011 | | 2010 | | 2010 | | 2009 | | 2008 | | 2007 | | 2006 |
| Income from continuing operations before income taxes | | $ | 513.1 | | | $ | 413.6 | | | $ | 1,908.7 | | | $ | 1,308.4 | | | $ | 1,207.4 | | | $ | 940.2 | | | $ | 738.3 | |
| Add: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Undistributed loss from joint venture | | | — | | | | — | | | | — | | | | — | | | | 0.3 | | | | 1.3 | | | | 1.6 | |
| Interest expense | | | 39.7 | | | | 42.8 | | | | 167.1 | | | | 194.4 | | | | 77.6 | | | | 108.4 | | | | 95.7 | |
| Estimated interest component of rental expense | | | 2.3 | | | | 3.1 | | | | 13.4 | | | | 9.3 | | | | 9.6 | | | | 9.8 | | | | 8.4 | |
| Income as adjusted | | $ | 555.1 | | | $ | 459.5 | | | $ | 2,089.2 | | | $ | 1,512.1 | | | $ | 1,294.9 | | | $ | 1,059.7 | | | $ | 844.0 | |
| Fixed charges: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest expense | | | 39.7 | | | | 42.8 | | | | 167.1 | | | | 194.4 | | | | 77.6 | | | | 108.4 | | | | 95.7 | |
| Estimated interest component of rental expense | | | 2.3 | | | | 3.1 | | | | 13.4 | | | | 9.3 | | | | 9.6 | | | | 9.8 | | | | 8.4 | |
| Total fixed charges | | $ | 42.0 | | | $ | 45.9 | | | $ | 180.5 | | | $ | 203.7 | | | $ | 87.2 | | | $ | 118.2 | | | $ | 104.1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratio of Earnings to Fixed Charges | | | 13.2 | | | | 10.0 | | | | 11.6 | | | | 7.4 | | | | 14.8 | | | | 9.0 | | | | 8.1 | |
Note: Interest component of rental expense estimated to be 1/3 of rental expense, which management believes represents a reasonable approximation of the interest factor.
1
