EXHIBIT 12
Omnicare, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
Three months
For the years ended December 31, ended March 31,
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1996 1997 1998 1999 2000 2000 2001
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Income before Income Taxes (1) $ 74,410 $108,575 $154,934 $127,010 $104,722 $27,143 $30,913
Add:
Interest Expense, Net (7,807) 836 20,255 44,634 53,164 12,706 13,435
Capitalized Interest 385 744 976 1,688 - - -
Interest Portion of Rent Expense 3,270 4,448 6,838 8,436 9,294 2,060 2,164
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Income, as Adjusted $ 70,258 $114,603 $183,003 $181,768 $167,180 $41,909 $46,512
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Fixed Charges
Interest Expense, Net $ (7,807) $ 836 $20,255 $44,634 $53,164 $12,706 $13,435
Capitalized Interest 385 744 976 1,688 - - -
Interest Portion of Rent Expense 3,270 4,448 6,838 8,436 9,294 2,060 2,164
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Fixed Charges $ (4,152) $ 6,028 $28,069 $54,758 $62,458 $14,766 $15,599
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Ratio of Earnings to Fixed Charges (2) (16.9)x 19.0 x 6.5 x 3.3 x 2.7 x 2.8 x 3.0 x
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(1) Excludes certain special items such as restructuring and other related
charges, pooling-of-interests acquisition expenses and other expenses.
(2) The ratio of earnings to fixed charges has been computed by dividing
earnings before income taxes plus fixed charges by fixed charges. Fixed
charges consist of interest expense on debt (including amortization of debt
expense and capitalized interest, net of interest income) and one-third
(the proportion deemed representative of the interest portion) of rent
expense.