Exhibit 12.1
Catamaran Corporation
Ratios of Earnings to Fixed Charges
(dollars in thousands)
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income before income taxes | $ | 402,142 | $ | 190,337 | $ | 138,294 | $ | 97,556 | $ | 68,085 | ||||||||||
Less non-controlling interest (1) | (36,569 | ) | (4,363 | ) | — | — | — | |||||||||||||
Add fixed charges: | ||||||||||||||||||||
Interest expense (2) | 39,116 | 25,847 | 1,904 | 1,362 | 5,399 | |||||||||||||||
Interest portion of consolidated rent expense (3) | 11,766 | 5,715 | 2,140 | 1,896 | 2,179 | |||||||||||||||
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Adjusted earnings | $ | 416,455 | $ | 217,536 | $ | 142,338 | $ | 100,814 | $ | 75,663 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 39,116 | $ | 25,847 | $ | 1,904 | $ | 1,362 | $ | 5,399 | ||||||||||
Interest portion of consolidated rent expense | 11,766 | 5,715 | 2,140 | 1,896 | 2,179 | |||||||||||||||
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Total fixed charges | $ | 50,882 | $ | 31,562 | $ | 4,044 | $ | 3,258 | $ | 7,578 | ||||||||||
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Ratio of earnings to fixed charges | 8.18x | 6.89x | 35.20x | 30.94x | 9.98x |
(1) | Non-controlling interest is not included in earnings contributed to the Company |
(2) | Interest expense on income tax contingencies is not included in fixed charges |
(3) | One third of rental expenses was used to represent the interest factor of rental expenses |