EX-12 2 srdx-ex12_7.htm EX-12 srdx-ex12_7.htm

Exhibit 12

 

Surmodics, Inc.

Computation of Ratio of Earnings to Fixed Charges

 

 

 

Six Months Ended

 

 

Fiscal Year Ended September 30,

 

 

 

March 31, 2017

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

 

2012

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations

 

$

5,588,264

 

 

$

16,947,641

 

 

$

18,241,415

 

 

$

18,471,862

 

 

$

20,359,694

 

 

$

16,305,540

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges (build up below)

 

 

1,026,238

 

 

 

1,607,212

 

 

 

40,136

 

 

 

38,189

 

 

 

19,257

 

 

 

19,797

 

Amortization of capitalized interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Distributed income of equity investees

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtract:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Preference security dividend requirement

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Earnings Available for Fixed Charges

 

$

6,614,502

 

 

$

18,554,853

 

 

$

18,281,551

 

 

$

18,510,051

 

 

$

20,378,951

 

 

$

16,325,337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed and capitalized

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Amortized premiums, discounts and capitalized expenses related to indebtedness (a)

 

 

992,181

 

 

 

1,518,851

 

 

 

17,822

 

 

 

16,337

 

 

 

—

 

 

 

—

 

Estimate of interest within rental expense (b)

 

 

34,057

 

 

 

88,361

 

 

 

22,314

 

 

 

21,852

 

 

 

19,257

 

 

 

19,797

 

Preference security dividend requirements of consolidated subsidiaries

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Fixed Charges

 

$

1,026,238

 

 

$

1,607,212

 

 

$

40,136

 

 

$

38,189

 

 

$

19,257

 

 

$

19,797

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (c)

 

6.45x

 

 

11.54x

 

 

455.49x

 

 

484.70x

 

 

1058.24x

 

 

824.65x

 

 

(a) Interest expense consists of interest on indebtedness, including accretion expense related to contingent consideration obligations.

(b) Includes that portion of rental expense that management believes is representative of the interest component.

(c) We had no preferred stock outstanding during the periods presented and accordingly, the ratio of earnings to combined fixed charges and preferred stock dividends is equal to the ratio of earnings to fixed charges and is not disclosed separately.