EXHIBIT 12.1 | |||||||||||||||||||||||||
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES | |||||||||||||||||||||||||
(dollars in millions, except ratio information) | |||||||||||||||||||||||||
Fiscal Years Ended December 31, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2004 | 2005 | 2006 | 2007 | 2008 | 2009 | ||||||||||||||||||||
Adjusted (b) | Adjusted (a) | ||||||||||||||||||||||||
Income from continuing operations | |||||||||||||||||||||||||
before income taxes | 530.5 | 640.7 | 720.9 | 802.3 | 785.7 | 681.4 | |||||||||||||||||||
Fixed Charges: | |||||||||||||||||||||||||
Interest on long-term and | |||||||||||||||||||||||||
short-term debt including | |||||||||||||||||||||||||
amortization of debt expense | 120.9 | 34.4 | 47.8 | 56.6 | 72.0 | 48.2 | |||||||||||||||||||
Portion of rental expense as can be | |||||||||||||||||||||||||
demonstrated to be representative | |||||||||||||||||||||||||
of the interest factor | 35.5 | 39.9 | 43.6 | 53.0 | 58.4 | 45.8 | |||||||||||||||||||
Total fixed charges | 156.4 | 74.3 | 91.4 | 109.6 | 130.4 | 94.0 | |||||||||||||||||||
Earnings before income taxes and | |||||||||||||||||||||||||
fixed charges | 686.9 | 715.0 | 812.3 | 911.9 | 916.1 | 775.4 | |||||||||||||||||||
Ratio of earnings to fixed charges | 4.39 | 9.62 | 8.89 | 8.32 | 7.03 | 8.25 | |||||||||||||||||||
(a) | In accordance with authoritative guidance in connection with noncontrolling interests in subsidiaries that became effective | ||||||||||||||||||||||||
January 1, 2009, the amounts reported for 2008 have been retrospectively adjusted. Retrospective adoption was required as | |||||||||||||||||||||||||
discussed in Note 12, "New Accounting Pronouncements," in Notes to Unaudited Condensed Consolidated Financial | |||||||||||||||||||||||||
Statements. | |||||||||||||||||||||||||
(b) | In accordance with authoritative guidance in connection with accounting for convertible debt instruments that may be settled | ||||||||||||||||||||||||
in cash upon conversion that became effective January 1, 2009, the amounts reported for 2004 have been retrospectively | |||||||||||||||||||||||||
adjusted. Retrospective adoption was required as discussed in Note 12, "New Accounting Pronouncements," in Notes | |||||||||||||||||||||||||
to Unaudited Condensed Consolidated Financial Statements. |
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10-Q Filing
Laboratory Corporation of America (LH) 10-Q2009 Q3 Quarterly report
Filed: 29 Oct 09, 12:00am