AMERISOURCEBERGEN CORP - FORM 10-K - EX-12 - November 24, 2015

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Exhibit 12

AmerisourceBergen Corporation
Computation of Ratio of Earnings to Fixed Charges

 
   Fiscal Year Ended September 30,  
(in thousands, except ratios)
   2011   2012   2013   2014   2015  

Determination of earnings:

                                

Income from continuing operations before income taxes

   $ 1,117,989   $ 1,216,873   $ 824,458   $ 673,428   $ 274,149  

Add:

                                

Loss on equity investments

     607     380     113     172     30,833  

Fixed charges (excluding capitalized interest)

     85,960     103,746     86,989     89,977     115,314  

Amortization of capitalized interest

     1,193     1,443     1,635     1,676     1,676  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total earnings available for fixed charges

   $ 1,205,749   $ 1,322,442   $ 913,195   $ 765,253   $ 421,972  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges:

                                

Interest expense

   $ 78,329   $ 94,369   $ 75,047   $ 77,703   $ 101,986  

Capitalized interest

     3,367     504     —     —     —  

Estimated interest portion of rent expense

     7,631     9,377     11,942     12,274     13,328  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 89,327   $ 104,250   $ 86,989   $ 89,977   $ 115,314  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges(1)

     13.5     12.7     10.5     8.5     3.7  
(1)
For purposes of computing the above ratios:

•
Earnings include warrant expense, a non-cash expense, of $90.1 million, $422.7 million and $912.7 million in the fiscal years ended September 30, 2013, 2014, and 2015, respectively.

•
Loss on equity investments includes an impairment charge of $30.6 million in fiscal 2015 related to the Company's minority interest in a pharmaceutical wholesaler in Brazil. There was no such impairment charge recorded in the fiscal years ended September 30, 2011, 2012, 2013, and 2014, respectively.



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