1 EXHIBIT 12 Omnicare, Inc. Computation of Ratio of Earnings to Fixed Charges (in thousands) For the years ended December 31, 1997 1996 1995 ---------------------------------------------------- Income before Income Taxes $ 96,790 $72,143 $41,180 Add: Interest on Indebtedness 5,513 3,432 5,644 Amortization of Debt Expense 51 220 310 Interest Portion of Rent Expense 3,005 1,963 1,522 ----------------- --------------- --------------- Income as Adjusted $105,359 $77,758 $48,656 ================= =============== =============== Fixed Charges Interest on Indebtedness $ 5,513 $ 3,432 $ 5,644 Amortization of Debt Expense 51 220 310 Capitalized Interest 744 386 158 Interest Portion of Rent Expense 3,005 1,963 1,522 ----------------- --------------- --------------- Fixed Charges $ 9,313 $ 6,001 $ 7,634 ================= =============== =============== Ratio of Earnings to Fixed Charges (1) 11.31x 12.96x 6.37x ================= =============== =============== (1) 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 capitalized interest) and one-third (the proportion deemed representative of the interest portion) of rent expense.