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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2004 2003 2004 2003
-------- -------- -------- --------
Income before Income Taxes: $ 89,430 $ 78,227 $285,313 $213,570
Add Fixed Charges:
Interest Expense 16,464 25,175 48,082 61,562
Amortization of Debt Expense 1,118 1,141 3,455 3,085
Interest Portion of Rent Expense 3,769 3,080 10,899 9,198
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Adjusted Income $110,781 $107,623 $347,749 $287,415
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Fixed Charges:
Interest Expense $ 16,464 $ 25,175 $ 48,082 $ 61,562
Amortization of Debt Expense 1,118 1,141 3,455 3,085
Interest Portion of Rent Expense 3,769 3,080 10,899 9,198
-------- -------- -------- --------
Fixed Charges $ 21,351 $ 29,396 $ 62,436 $ 73,845
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Ratio of Earnings to Fixed Charges (1) 5.2x 3.7x 5.6x 3.9x
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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.