EXHIBIT 12
Omnicare, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
For the years ended December 31,
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2002 2001 2000 1999 1998
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Income before Income Taxes (1) $203,051 $119,785 $ 77,523 $ 91,671 $135,866
Add:
Interest Expense 52,811 52,724 52,974 44,439 22,727
Amortization of Debt Expense 4,000 3,600 2,100 1,727 884
Interest Portion of Rent Expense 10,600 9,033 9,300 8,436 6,838
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Adjusted income $270,462 $185,142 $141,897 $146,273 $166,315
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Fixed Charges
Interest Expense $ 52,811 $ 52,724 $ 52,974 $ 44,439 $ 22,727
Amortization of Debt Expense 4,000 3,600 2,100 1,727 884
Capitalized Interest -- -- -- 1,688 976
Interest Portion of Rent Expense 10,600 9,033 9,300 8,436 6,838
-------- -------- -------- -------- --------
Fixed Charges $ 67,411 $ 65,357 $ 64,374 $ 56,290 $ 31,425
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Ratio of Earnings to Fixed Charges (2) 4.0x 2.8x 2.2x 2.6x 5.3x
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(1) Includes certain special items such as restructuring and other related
charges, other expenses and pooling-of-interests acquisition 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.
(2) 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 the amortization of debt expense and capitalized
interest) and one-third (the proportion deemed representative of the
interest portion) of rent expense.