EX-12.1 6 pdli1231201410-kex121.htm RATIO OF EARNINGS TO FIXED CHARGES PDLI 12.31.2014 10-K 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 Years Ended December 31,
 
 
2010
 
2011
 
2012
 
2013
 
2014
Earnings:
 
 
 
 
 
 
 
 
 
 
Income before income taxes
 
$
150,370

 
$
307,428

 
$
327,133

 
$
401,876

 
$
501,272

Add: fixed charges
 
43,578

 
36,153

 
29,097

 
24,931

 
39,274

Earnings
 
$
193,948

 
$
343,581

 
$
356,230

 
$
426,807

 
$
540,546

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expense1
 
$
43,529

 
$
36,102

 
$
29,036

 
$
24,871

 
$
39,211

Estimated interest portion of rent expense2
 
49

 
51

 
61

 
60

 
63

Fixed charges
 
$
43,578

 
$
36,153

 
$
29,097

 
$
24,931

 
$
39,274

Ratio of earnings to fixed charges
 
4.45

 
9.50

 
12.24

 
17.12

 
13.76

_____________________________________
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.