EXHIBIT 12
EXPRESS SCRIPTS HOLDING COMPANY
Calculation of Ratio of Earnings to Fixed Charges
(Dollar amounts in millions)
| Nine Months ended September 30, | Year Ended December 31, | |||||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
Income from continuing operations before income taxes | $ | 1,411.0 | $ | 2,024.4 | $ | 1,908.7 | $ | 1,308.4 | $ | 1,207.4 | $ | 940.2 | ||||||||||||
Add: | ||||||||||||||||||||||||
Undistributed (gain) loss from joint venture | (9.4 | ) | — | — | — | 0.3 | 1.3 | |||||||||||||||||
Interest expense | 463.1 | 299.7 | 167.1 | 194.4 | 77.6 | 108.4 | ||||||||||||||||||
Estimated interest component of rental expense | 26.8 | 10.1 | 13.4 | 9.3 | 9.6 | 9.8 | ||||||||||||||||||
Income as adjusted | $ | 1,891.5 | $ | 2,334.2 | $ | 2,089.2 | $ | 1,512.1 | $ | 1,294.9 | $ | 1,059.7 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | 463.1 | 299.7 | 167.1 | 194.4 | 77.6 | 108.4 | ||||||||||||||||||
Estimated interest component of rental expense | 26.8 | 10.1 | 13.4 | 9.3 | 9.6 | 9.8 | ||||||||||||||||||
Total fixed charges | $ | 489.9 | $ | 309.8 | $ | 180.5 | $ | 203.7 | $ | 87.2 | $ | 118.2 | ||||||||||||
Ratio of Earnings to Fixed Charges | 3.9 | 7.5 | 11.6 | 7.4 | 14.8 | 9.0 | ||||||||||||||||||
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.