EX-12.1 2 ex121ratioofearningstofixe.htm EXH 12 RATIO OF EARNINGS TO FIXED CHARGES EX 12.1 RATIO OF EARNINGS TO FIXED CHGS


Exhibit 12.1

West Pharmaceutical Services, Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
(in millions, except ratio amounts)
2012
2011
2010
2009
2008
EARNINGS:
 
 
 
 
 
Income before income taxes
$
108.6

$
92.7

$
74.5

$
83.1

$
109.5

Add:
 
 
 
 
 
     Fixed charges
22.6

23.1

21.1

21.9

22.3

Less:
 
 
 
 
 
     Capitalized interest
(1.9
)
(1.1
)
(0.9
)
(2.4
)
(2.6
)
Adjusted earnings
$
129.3

$
114.7

$
94.7

$
102.6

$
129.2

 
 
 
 
 
 
FIXED CHARGES:
 
 
 
 
 
Interest expense
18.6

19.3

$
17.7

$
17.6

$
18.6

One-third of rent expense
4.0

3.8

3.4

4.3

3.7

Total fixed charges
$
22.6

$
23.1

$
21.1

$
21.9

$
22.3

 
 
 
 
 
 
Ratio of earnings to fixed charges
5.72

4.97

4.49

4.68

5.79