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Content analysis
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Exhibit 12
SCHERING-PLOUGH CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
| 2000 | 1999 | 1998 | 1997 | 1996 |
Income Before Income Taxes from |
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Continuing Operations | $ 3,188 | $ 2,795 | $ 2,326 | $ 1,913 | $ 1,606 |
Add: Fixed Charges |
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Interest Expense | 44 | 29 | 19 | 40 | 45 |
1/3 Rentals | 24 | 22 | 19 | 15 | 12 |
Capitalized Interest | 20 | 12 | 9 | 15 | 11 |
Total Fixed Charges | 88 | 63 | 47 | 70 | 68 |
Less: Capitalized Interest. | 20 | 12 | 9 | 15 | 11 |
Add: Amortization of Capitalized Interest | 7 | 7 | 7 | 5 | 5 |
Earnings Before Income Taxes and Fixed |
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Charges (other than Capitalized Interest) | $ 3,263 | $ 2,853 | $ 2,371 | $ 1,973 | $ 1,668 |
Ratio of Earning to Fixed Charges | 37 | 45 | 50 | 28 | 25 |
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"Earnings" consist of income before income taxes and fixed charges (other than capitalized interest). "Fixed charges" consist of interest expense, capitalized interest and one-third of rentals which Schering-Plough believes to be a reasonable estimate of an interest factor on leases.