EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
OMNICARE, INC. AND SUBSIDIARY COMPANIES
UNAUDITED
(in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
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2003 2002 2003 2002
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Income before Income Taxes $ 78,227 $46,895 $213,570 $140,625
Add:
Interest Expense 25,175 13,355 61,562 40,041
Amortization of Debt Expense 1,141 984 3,085 2,949
Interest Portion of Rent Expense 3,080 3,118 9,198 7,890
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Adjusted Income $107,623 $64,352 $287,415 $191,505
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Fixed Charges
Interest Expense $ 25,175 $13,355 $ 61,562 $ 40,041
Amortization of Debt Expense 1,141 984 3,085 2,949
Interest Portion of Rent Expense 3,080 3,118 9,198 7,890
-------- ------- -------- --------
Fixed Charges $ 29,396 $17,457 $ 73,845 $ 50,880
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Ratio of Earnings to Fixed Charges (1) 3.7 x 3.7 x 3.9 x 3.8 x
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(1) 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 the amortization of
debt expense) and one-third (the proportion deemed representative of the
interest portion) of rent expense.