EX-12.1 3 pdli-2013930xex121.htm RATIO OF EARNINGS TO FIXED CHARGES PDLI-2013.9.30-EX12.1


Exhibit 12.1

PDL BIOPHARMA, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
(Amount in thousands, except for ratios)



 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended September 30, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Years Ended December 31,
 
 
 
2008
 
2009
 
2010
 
2011
 
2012
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
 
$
243,334

 
$
280,285

 
$
150,370

 
$
307,428

 
$
327,133

 
$
304,433

Add: fixed charges
 
14,285

 
19,430

 
43,578

 
36,153

 
29,097

 
18,214

Earnings
 
$
257,619

 
$
299,715

 
$
193,948

 
$
343,581

 
$
356,230

 
$
322,647

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense1
 
$
14,219

 
$
19,357

 
$
43,529

 
$
36,102

 
$
29,036

 
$
18,169

Estimated interest portion of rent expense2
 
66

 
73

 
49

 
51

 
61

 
45

Fixed charges
 
$
14,285

 
19,430

 
$
43,578

 
$
36,153

 
$
29,097

 
$
18,214

Ratio of earnings to fixed charges
 
18.03

 
15.43

 
4.45

 
9.50

 
12.24

 
17.71

_____________________________________
1 Interest expense includes amortization of debt discount and expenses.
2 Represents the estimated portion of operating lease rental expense that is considered by us to be representative of interest and amortization of discount related to indebtedness.