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EXHIBIT 12
THE UPJOHN COMPANY AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLAR AMOUNTS IN THOUSANDS)
Years Ended December 31,
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1994 1993 1992 1991 1990
-------- -------- -------- -------- --------
Earnings from continuing operations before
accounting changes, income taxes and
minority equity $643,296 $480,037 $671,903 $693,767 $624,860
Less: Equity in undistributed net income
(loss) of companies owned less than 50%
2,264 3,119 2,212 1,455 1,742
-------- -------- -------- -------- --------
641,032 476,918 669,691 692,312 623,118
Add: Amortization of previously capitalized
interest 4,417 4,009 3,799 3,109 2,922
Fixed charges included in the above:
Interest and amortization of debt expense
51,496 58,381 58,155 46,851 53,502
Rental expense representative of an
interest factor 12,903 12,221 11,495 10,563 9,426
-------- -------- -------- -------- --------
Earnings from continuing operations before
accounting changes, income taxes, minority
equity and fixed charges $709,848 $551,529 $743,140 $752,835 $688,968
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Interest incurred and amortization of debt
expense 63,599 74,080 69,163 59,920 61,146
Rental expense representative of an
interest factor 12,903 12,221 11,495 10,563 9,426
-------- -------- -------- -------- --------
Total fixed charges $76,502 $86,301 $80,658 $70,483 $70,572
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Ratio of earnings to fixed charges 9.28 6.39 9.21 10.68 9.76
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