EXHIBIT 12.1
EXPRESS SCRIPTS HOLDING COMPANY
Calculation of Ratio of Earnings to Fixed Charges
(Dollar amounts in millions)
| Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
| 2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||
Income from continuing operations before income taxes(1) | $ | 594.1 | $ | 629.3 | $ | 3,012.0 | $ | 2,188.5 | $ | 2,027.1 | $ | 1,908.7 | $ | 1,308.4 | ||||||||||||||
Add: | ||||||||||||||||||||||||||||
Interest expense(2) | 124.5 | 148.4 | 529.1 | 619.0 | 299.7 | 167.1 | 194.4 | |||||||||||||||||||||
Estimated interest component of rental expense | 5.1 | 5.8 | 20.7 | 34.5 | 10.1 | 13.4 | 9.3 | |||||||||||||||||||||
Subtract: | ||||||||||||||||||||||||||||
Income attributable to non-controlling interest | (6.2 | ) | (5.1 | ) | (28.1 | ) | (17.2 | ) | (2.7 | ) | — | — | ||||||||||||||||
Income as adjusted | $ | 717.5 | $ | 778.4 | $ | 3,533.7 | $ | 2,824.8 | $ | 2,334.2 | $ | 2,089.2 | $ | 1,512.1 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense(2) | 124.5 | 148.4 | 529.1 | 619.0 | 299.7 | 167.1 | 194.4 | |||||||||||||||||||||
Estimated interest component of rental expense | 5.1 | 5.8 | 20.7 | 34.5 | 10.1 | 13.4 | 9.3 | |||||||||||||||||||||
Total fixed charges | $ | 129.6 | $ | 154.2 | $ | 549.8 | $ | 653.5 | $ | 309.8 | $ | 180.5 | $ | 203.7 | ||||||||||||||
Ratio of Earnings to Fixed Charges | 5.5 | 5.0 | 6.4 | 4.3 | 7.5 | 11.6 | 7.4 | |||||||||||||||||||||
| (1) | Consists of income from continuing operations before income taxes adjusted to include distributed equity income from joint venture. |
| (2) | Interest expense for the three months ended March 31, 2013 and the year ended December 31, 2013 excludes $67.0 million of interest expense related to the redemption of ESI’s $1,000.0 million aggregate principal amount of 6.250% senior notes due 2014. |
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.
