St. Jude Medical (STJ) 10-Q 2016 Q2 Quarterly report

EXHIBIT 12

ST. JUDE MEDICAL, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(amounts in millions of dollars)

	Six Months Ended		FISCAL YEAR
	July 2, 2016		2015		2014		2013		2012		2011
EARNINGS
Earnings before income taxes and noncontrolling interest	$	406	$	928	$	1,068	$	784	$	1,005	$	1,019
Plus fixed charges:
Interest expense (1)	80		103		85		81		73		70
Rent interest factor (2)	8		15		17		12		15		15
TOTAL FIXED CHARGES	88		118		102		93		88		85
EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES	$	494	$	1,046	$	1,170	$	877	$	1,093	$	1,104
RATIO OF EARNINGS TO FIXED CHARGES	5.6		8.9		11.5		9.4		12.4		13.0

(1) Interest expense consists of interest on indebtedness and amortization of debt issuance costs but excludes interest on liabilities for uncertain tax positions.

(2) Approximately one-third of rental expense is deemed representative of the interest factor.