Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - MOLINA HEALTHCARE, INC. | a58840e10vk.htm |
| EX-31.2 - EX-31.2 - MOLINA HEALTHCARE, INC. | a58840exv31w2.htm |
| EX-31.1 - EX-31.1 - MOLINA HEALTHCARE, INC. | a58840exv31w1.htm |
| EX-32.1 - EX-32.1 - MOLINA HEALTHCARE, INC. | a58840exv32w1.htm |
| EX-32.2 - EX-32.2 - MOLINA HEALTHCARE, INC. | a58840exv32w2.htm |
| EX-21.1 - EX-21.1 - MOLINA HEALTHCARE, INC. | a58840exv21w1.htm |
| EX-10.27 - EX-10.27 - MOLINA HEALTHCARE, INC. | a58840exv10w27.htm |
| EX-23.1 - EX-23.1 - MOLINA HEALTHCARE, INC. | a58840exv23w1.htm |
Exhibit 12.1
Molina
Healthcare, Inc.
Computation
of Ratio of Earnings to Fixed Charges
| Year Ended December 31, | ||||||||||||||||||||
| 2010 | 2009(1) | 2008(1) | 2007 | 2006 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
|
Earnings:
|
||||||||||||||||||||
|
Income before income taxes
|
$ | 89,492 | $ | 38,157 | $ | 94,324 | $ | 92,722 | $ | 73,458 | ||||||||||
|
Add fixed charges:
|
||||||||||||||||||||
|
Interest expense, including amortization of debt discount and exp
|
15,509 | 13,777 | 13,231 | 5,605 | 2,353 | |||||||||||||||
|
Estimated interest portion of rental expense
|
4,524 | 5,181 | 4,370 | 3,988 | 2,682 | |||||||||||||||
|
Total fixed charges
|
20,033 | 18,958 | 17,601 | 9,593 | 5,035 | |||||||||||||||
|
Total earnings available for fixed charges
|
$ | 109,525 | $ | 57,115 | $ | 111,925 | $ | 102,315 | $ | 78,493 | ||||||||||
|
Fixed Charges from above
|
$ | 20,033 | $ | 18,958 | $ | 17,601 | $ | 9,593 | $ | 5,035 | ||||||||||
|
Ratio of Earnings to Fixed Charges
|
5.6 | 3.0 | 6.4 | 10.7 | 15.6 | |||||||||||||||
|
Total rent expense
|
$ | 25,134 | $ | 20,723 | $ | 17,481 | $ | 18,127 | $ | 12,193 | ||||||||||
|
Interest factor
|
18 | % | 25 | % | 25 | % | 22 | % | 22 | % | ||||||||||
|
Interest component of rental expense
|
$ | 4,524 | $ | 5,181 | $ | 4,370 | $ | 3,988 | $ | 2,682 | ||||||||||
| (1) | Effective January 1, 2008 through December 31, 2009, income tax expense included both the Michigan business income tax, or BIT, and Michigan modified gross receipts tax, or MGRT. Effective January 1, 2010, we have recorded the MGRT as a premium tax and not as an income tax. We will continue to record the BIT as an income tax. For the years ended December 31, 2009, and 2008, amounts for premium tax expense and income tax expense have been reclassified to conform to this presentation. The MGRT amounted to $6.2 million, $5.5 million, and $5.1 million for the years ended December 31, 2010, 2009, and 2008, respectively. |