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Exhibit 12
SCHERING-PLOUGH CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
Year Ended |
2002 | 2001 | 2000 | 1999 | 1998 | |
Income Before Income Taxes | $2,563 | $2,523 | $3,188 | $2,795 | $2,326 |
Add Fixed Charges: | |||||
Interest Expense | 28 | 40 | 44 | 29 | 19 |
One-third of Rental Expense | 27 | 24 | 24 | 22 | 19 |
Capitalized Interest | 24 | 25 | 20 | 12 | 9 |
Total Fixed Charges | 79 | 89 | 88 | 63 | 47 |
Less: Capitalized Interest | 24 | 25 | 20 | 12 | 9 |
Add: Amortization of | |||||
Capitalized Interest | 8 | 7 | 7 | 7 | 7 |
Earnings Before Income Taxes and Fixed Charges (other than Capitalized Interest) | $2,626 | $2,594 | $3,263 | $2,853 | $2,371 |
Ratio of Earnings to Fixed Charges | 33 | 29 | 37 | 45 | 50 |
"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.