EX-12.1 3 a09-18461_1ex12d1.htm EX-12.1

Exhibit 12.1

 

United Therapeutics Corporation

Ratio of Earnings to Fixed Charges

(Unaudited)

 

 

 

Six
Months
Ended
June 30,

 

Year Ended December 31,

 

 

 

2009

 

2008

 

2007

 

2006

 

2005

 

2004

 

 

 

$ in thousands, as adjusted(1)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (losses) from continuing operations before income taxes

 

$

14,454

 

$

(83,721

)

$

4,477

 

$

37,973

 

$

47,522

 

$

15,449

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from equity investee

 

57

 

226

 

321

 

491

 

754

 

785

 

Fixed charges

 

9,040

 

17,357

 

16,855

 

3,589

 

29

 

3

 

Less: Capitalized interest

 

(2,992

)

(4,757

)

(689

)

—

 

—

 

—

 

Earnings, as adjusted

 

$

20,559

 

$

(70,895

)

$

20,964

 

$

42,053

 

$

48,305

 

$

16,237

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense(2)

 

$

5,885

 

$

11,439

 

$

14,281

 

$

2,417

 

$

29

 

$

3

 

Capitalized interest

 

2,992

 

4,757

 

689

 

—

 

—

 

—

 

Portion of rentals representative of interest factor

 

163

 

1,161

 

1,885

 

1,172

 

—

 

—

 

Fixed charges

 

$

9,040

 

$

17,357

 

$

16,855

 

$

3,589

 

$

29

 

$

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.27

 

(4.08

)

1.24

 

11.72

 

1,665.69

 

5,412.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excess of fixed charges over earnings

 

$

—

 

$

88,252

 

$

—

 

$

—

 

$

—

 

$

—

 

 

(1)

 

Years ended December 31, 2006 through 2008 have been adjusted for the retrospective adoption of FSP APB 14-1. See Note 9: Debt — Adoption of FSP APB 14-1 to the Consolidated Financial Statements included in the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2009.

(2)

 

Includes amortization of debt discount and issue costs.

 

NOTE: The Ratio of Earnings to Fixed Charges should be read in conjunction with the Consolidated Financial Statements and related Notes to the Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained within our Annual Report on Form 10-K for the year ended December 31, 2008, and the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2009.

 

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