EX-12 11 exh12.htm EXHIBIT 12

 

Exhibit 12

SCHERING-PLOUGH CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)

 
 

2001

2000

1999

1998

1997

  
             
             
             

Income Before Income Taxes

$2,523

$3,188

$2,795

$2,326

$1,913

  
             

Add Fixed Charges:

            

 Interest Expense

40

44

29

19

40

  

 One-third of Rental Expense

24

24

22

19

15

  

 Capitalized Interest

       25

       20

        12

         9

       15

  

 Total Fixed Charges

89

88

63

47

70

  
             

Less: Capitalized Interest

25

20

12

9

15

  

Add: Amortization of

            

Capitalized Interest

        7

       7

         7

         7

        5

  
             
             
             

Earnings Before Income Taxes and Fixed Charges (other than Capitalized Interest)

 

 $2,594

 

 $3,263

 

 $2,853

 

 $2,371

 

 $1,973

  
             

Ratio of Earnings to Fixed Charges

       29

      37

       45

       50

       28

  
             

 

"Earnings" consist of income before income taxes and fixed charges (other than capitalized interest). "Fixed charges" consist of interest expense, capitalized interest and one-third of rentals which Schering-Plough believes to be a reasonable estimate of an interest factor on leases.