Surmodics (SRDX) 10-Q 2016 Q2 Quarterly report

EXHIBIT 12

SurModics, Inc.

Computation of Ratio of Earnings to Fixed Charges

	Six Months Ended		Fiscal Year Ended September 30,
	March 31, 2016		2015		2014		2013		2012		2011
Earnings
Pre-tax income from continuing operations	$	5,987,929	$	18,241,415	$	18,471,862	$	20,359,694	$	16,305,540	$	16,528,559
Add:
Fixed charges (build up below)		557,983		40,136		38,189		19,257		19,797		62,402
Amortization of capitalized interest		—		—		—		—		—		—
Distributed income of equity investees		—		—		—		—		—		—
Pre-tax losses of equity investees for which charges arising from    guarantees are included in fixed charges		—		—		—		—		—		—
Subtract:
Interest capitalized		—		—		—		—		—		—
Preference security dividend requirement		—		—		—		—		—		—
Non-controlling interest in pre-tax income of subsidiaries that have not    incurred fixed charges		—		—		—		—		—		—
Total Earnings Available for Fixed Charges	$	6,545,912	$	18,281,551	$	18,510,051	$	20,378,951	$	16,325,337	$	16,590,961
Fixed charges
Interest expensed and capitalized	$	—	$	—	$	—	$	—	$	—	$	—
Amortized premiums, discounts and capitalized expenses related to    indebtedness		510,979		17,822		16,337		—		—		—
Estimate of interest within rental expense(a)		47,004		22,314		21,852		19,257		19,797		62,402
Preference security dividend requirements of consolidated subsidiaries		—		—		—		—		—		—
Total Fixed Charges	$	557,983	$	40,136	$	38,189	$	19,257	$	19,767	$	62,402
Ratio of earnings to fixed charges(b)	11.73x		455.49x		484.70x		1058.24x		824.65x		265.87x

^(a)Includes that portion of rental expense that management believes is representative of the interest component.

^(b) We had no preferred stock outstanding during the periods presented and accordingly, the ratio of earnings to combined fixed charges and preferred stock dividends is equal to the ratio of earnings to fixed charges and is not disclosed separately.