EX-12.1 5 pdli12312012ex121.htm RATIO OF EARNINGS TO FIXED CHARGES PDLI 12.31.2012 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,
 
 
2007
 
2008
 
2009
 
2010
 
2011
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
 
$
191,073

 
$
243,334

 
$
280,285

 
$
150,370

 
$
307,428

 
$
327,133

Add: fixed charges
 
16,267

 
14,285

 
19,430

 
43,578

 
36,153

 
29,097

Earnings
 
$
207,340

 
$
257,619

 
$
299,715

 
$
193,948

 
$
343,581

 
$
356,230

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense1
 
$
16,200

 
$
14,219

 
$
19,357

 
$
43,529

 
$
36,102

 
$
29,036

Estimated interest portion of rent expense2
 
67

 
66

 
73

 
49

 
51

 
61

Fixed charges
 
$
16,267

 
$
14,285

 
19,430

 
$
43,578

 
$
36,153

 
$
29,097

Ratio of earnings to fixed charges
 
12.75

 
18.03

 
15.43

 
4.45

 
9.50

 
12.24

_____________________________________
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.