EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
OMNICARE, INC. AND SUBSIDIARY COMPANIES
UNAUDITED
(in thousands)
Three Months Ended Six Months Ended
June 30, June 30,
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2004 2003 2004 2003
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Income before Income Taxes: $ 95,955 $70,178 $195,883 $135,343
Add Fixed Charges:
Interest Expense 16,057 20,915 31,618 36,387
Amortization of Debt Expense 1,186 960 2,337 1,944
Interest Portion of Rent Expense 3,675 2,985 7,130 6,118
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Adjusted Income $116,873 $95,038 $236,968 $179,792
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Fixed Charges:
Interest Expense $ 16,057 $20,915 $ 31,618 $ 36,387
Amortization of Debt Expense 1,186 960 2,337 1,944
Interest Portion of Rent Expense 3,675 2,985 7,130 6,118
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Fixed Charges $ 20,918 $24,860 $ 41,085 $ 44,449
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Ratio of Earnings to Fixed Charges (1) 5.6 x 3.8 x 5.8 x 4.0 x
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(1) The ratio of earnings to fixed charges has been computed by adding income
before income taxes and fixed charges to derive adjusted income, and
dividing adjusted income 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.