EXHIBIT 12.1
EXPRESS SCRIPTS HOLDING COMPANY
Calculation of Ratio of Earnings to Fixed Charges
(Dollar amounts in millions)
|
| | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, |
| | 2013 | | 2012 | | 2011 | | 2010 | | 2009 |
Income from continuing operations before income taxes(1) | $ | 3,012.0 |
| | $ | 2,188.5 |
| | $ | 2,027.1 |
| | $ | 1,908.7 |
| | $ | 1,308.4 |
|
| Add: | | | | | | | | | |
| Interest expense | 596.1 |
| | 619.0 |
| | 299.7 |
| | 167.1 |
| | 194.4 |
|
| Estimated interest component of rental expense | 28.4 |
| | 34.5 |
| | 10.1 |
| | 13.4 |
| | 9.3 |
|
| Subtract: | | | | | | | | | |
| Income attributable to non-controlling interest | (28.1 | ) | | (17.2 | ) | | (2.7 | ) | | — |
| | — |
|
| Income as adjusted | $ | 3,608.4 |
| | $ | 2,824.8 |
| | $ | 2,334.2 |
| | $ | 2,089.2 |
| | $ | 1,512.1 |
|
| Fixed charges: | | | | | | | | | |
| Interest expense | 596.1 |
| | 619.0 |
| | 299.7 |
| | 167.1 |
| | 194.4 |
|
| Estimated interest component of rental expense | 28.4 |
| | 34.5 |
| | 10.1 |
| | 13.4 |
| | 9.3 |
|
| Total fixed charges | $ | 624.5 |
| | $ | 653.5 |
| | $ | 309.8 |
| | $ | 180.5 |
| | $ | 203.7 |
|
| Ratio of Earnings to Fixed Charges | 5.8 |
| | 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. |
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.
