EX-12.1 2 c59898exv12w1.htm EX-12.1 exv12w1
EXHIBIT 12.1
EXPRESS SCRIPTS, INC.
Calculation of Ratio of Earnings to Fixed Charges
(Dollar amounts in millions)
                                         
    Year Ended December 31,  
    2010     2009     2008     2007     2006  
Income from continuing operations before income taxes
   $ 1,908.7     $ 1,308.4     $ 1,207.4     $ 940.2     $ 738.3  
Add:
                                        
Undistributed loss from joint venture
     —       —       0.3       1.3       1.6  
Interest expense
     167.1       194.4       77.6       108.4       95.7  
Estimated interest component of rental expense
     13.4       9.3       9.6       9.8       8.4  
Income as adjusted
   $ 2,089.2     $ 1,512.1     $ 1,294.9     $ 1,059.7     $ 844.0  
Fixed charges:
                                        
Interest expense
     167.1       194.4       77.6       108.4       95.7  
Estimated interest component of rental expense
     13.4       9.3       9.6       9.8       8.4  
Total fixed charges
   $ 180.5     $ 203.7     $ 87.2     $ 118.2     $ 104.1  
 
                                        
Ratio of Earnings to Fixed Charges
     11.6       7.4       14.8       9.0       8.1  
Note: Interest component of rental expense estimated to be 1/3 of rental expense, which management believes represents a reasonable approximation of the interest factor.