EX-12.1 7 pdli-201463010qex121.htm RATIO OF EARNINGS TO FIXED CHARGES PDLI-2014.6.30 10Q EX 12.1


Exhibit 12.1

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



 
 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended June 30, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2009
 
2010
 
2011
 
2012
 
2013
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
 
$
280,285

 
$
150,370

 
$
307,428

 
$
327,133

 
$
401,876

 
$
261,660

Add: fixed charges
 
19,430

 
43,578

 
36,153

 
29,097

 
24,931

 
20,414

Earnings
 
$
299,715

 
$
193,948

 
$
343,581

 
$
356,230

 
$
426,807

 
$
282,074

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense1
 
$
19,357

 
$
43,529

 
$
36,102

 
$
29,036

 
$
24,871

 
$
20,383

Estimated interest portion of rent expense2
 
73

 
49

 
51

 
61

 
60

 
31

Fixed charges
 
19,430

 
$
43,578

 
$
36,153

 
$
29,097

 
$
24,931

 
$
20,414

Ratio of earnings to fixed charges
 
15.43

 
4.45

 
9.50

 
12.24

 
17.12

 
13.82

_____________________________________
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.