EXHIBIT 12
Omnicare, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
<Table>
<Caption>
Six months
For the years ended December 31, ended June 30,
--------------------------------------------------- -----------------
1996 1997 1998 1999 2000 2000 2001
---- ---- ---- ---- ---- ---- ----
Income before Income
Taxes (1).............. $72,276 $ 95,933 $135,866 $ 91,671 $ 77,523 $39,808 $60,402
Add:
Interest Expense
(2)................ 4,332 6,556 23,611 46,166 55,074 26,799 28,324
Interest Portion of
Rent Expense....... 3,270 4,448 6,838 8,436 9,300 4,043 4,278
------- -------- -------- -------- -------- ------- -------
Income, as
Adjusted....... $79,878 $106,937 $166,315 $146,273 $141,897 $70,650 $93,004
------- -------- -------- -------- -------- ------- -------
------- -------- -------- -------- -------- ------- -------
Fixed Charges
Interest Expense
(2)................ $ 4,332 $ 6,556 $ 23,611 $ 46,166 $ 55,074 $26,799 $28,324
Capitalized
Interest........... 386 744 976 1,688 0 0 0
Interest Portion of
Rent Expense....... 3,270 4,448 6,838 8,436 9,300 4,043 4,278
------- -------- -------- -------- -------- ------- -------
Fixed Charges.... $ 7,988 $ 11,748 $ 31,425 $ 56,290 $ 64,374 $30,842 $32,602
------- -------- -------- -------- -------- ------- -------
------- -------- -------- -------- -------- ------- -------
Ratio of Earnings to
Fixed Charges (3)...... 10.0x 9.1x 5.3x 2.6x 2.2x 2.3x 2.9x
------- -------- -------- -------- -------- ------- -------
------- -------- -------- -------- -------- ------- -------
</Table>
- ---------
(1) Includes certain special items such as restructuring and other related
charges, pooling-of-interests acquisition expenses and other expenses.
See the Notes to Consolidated Financial Statements and Management's
Discussion and Analysis of Financial Condition and Results of Operations
for a further description of these special items. Excluding the
aforementioned special items, income before income taxes would be $74,410,
$108,575, $154,934, $127,010 and $104,722 for the years ended December
31, 1996, 1997, 1998, 1999 and 2000, respectively, and $50,236 and $65,219
for the six months ended June 30, 2000 and 2001, respectively.
(2) If interest expense was presented net of interest income, then interest
expense, net would be $(7,807), $836, $20,255, $44,634 and $53,164 for
the years ended December 31, 1996, 1997, 1998, 1999 and 2000, respectively,
and $25,983 and $27,102 for the six months ended June 30, 2000 and 2001,
respectively.
(3) The ratio of earnings to fixed charges has been computed by dividing
earnings before income taxes plus fixed charges (excluding capitalized
interest expense) by fixed charges. Fixed charges consist of interest
expense on debt (including amortization of debt expense and capitalized
interest) and one-third (the proportion deemed representative of the
interest portion) of rent expense. If special items are excluded from income
before taxes and interest expense, net of interest income, is used, then the
ratio of earnings to fixed charges would be (16.9)x, 19.0x, 6.5x, 3.3x and
2.7x for the years ended December 31, 1996, 1997, 1998, 1999 and 2000,
respectively, and 2.7x and 3.1x for the six months ended June 30,
2000 and 2001, respectively.