EX-12 2 cvhq4201210-kex12.htm COMPUTATION RATIO CVH Q4 2012 10-K EX12


Exhibit 12

Computation of Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31,
 
 
2012
2011
2010
2009
2008
 
 
 
 
 
 
 
Continuing operations earnings before income taxes (1)
 
$
784,535

$
858,101

$
686,534

$
504,554

$
571,861

Fixed charges
 
111,106

110,401

91,450

96,300

108,484

Earnings before income taxes and fixed charges
 
$
895,641

$
968,502

$
777,984

$
600,854

$
680,345

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
Interest expense
 
$
99,468

$
99,062

$
80,418

$
84,875

$
96,386

Portion of rental expense representative of interest factor (2)
 
11,638

11,339

11,032

11,425

12,098

Total fixed charges
 
$
111,106

$
110,401

$
91,450

$
96,300

$
108,484

 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
8.1

8.8

8.5

6.2

6.3


(1) The ratio for 2008 has been adjusted to reflect the discontinued operations of First Health Services Corporation as discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2011 in Note D, Discontinued Operations, to the consolidated financial statements included in Item 8, Financial Statements and Supplementary Data.

(2) One-third of net rent expense is the portion deemed representative of the interest factor.