Stryker (SYK) 8-K Entry into a Material Definitive Agreement

Exhibit 12.1

Ratio of Earnings to Fixed Charges

	Three Months Ended March 31,
	2014		2013		2012		2011		2010
Earnings from continuing operations before income taxes (public data)	$	107.0	$	1,212.0	$	1,705.0	$	1,686.0	$	1,729.6
Plus fixed charges:
Interest expense (1)		24.3		83.7		64.0		57.2		78.1
Rent interest factor (2)		8.3		33.3		32.7		32.0		27.0
Total fixed charges:		32.6		117.0		96.7		89.2		105.1
Earnings from continuing operations before income taxes and fixed charges	$	139.6	$	1,329.0	$	1,801.7	$	1,775.2	$	1,834.7
Ratio of earnings to fixed charges		4.3		11.4		18.6		19.9		17.5
(1)    Interest consists of interest on indebtedness, account receivable securitization program expense, amortization of fees and debt prepayment fees.
Interest expense on debt & credit facilities		24.2		83.0		63.0		56.3		77.5
Plus: Amortization of fees		0.1		0.7		1.0		0.9		0.6
Write-off fees due to prepayment of debt		—		—		—		—		—
A/R securitization program expense		—		—		—		—		—
Interest capitalized		—		—		—		—		—
		24.3		83.7		64.0		57.2		78.1
(2)    Approximately one-third of rental expense is deemed representative of the interest factor
Total rental expense		24.8		100.0		98.0		96.0		80.9
Interest factor (one-third of rental expense)		8.3		33.3		32.7		32.0		27.0