EX-12.1 3 f92728a2exv12w1.txt EXHIBIT 12.1 EXHIBIT 12.1 CONNETICS CORPORATION STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
For the year ended December 31, Three months ended Six months ended -------------------------------------------------------- (in thousands) June 30, 2003 June 30, 2003 2002 2001 2000 1999 1998 ------------------ ---------------- -------- -------- ------- -------- -------- Income (loss) from continuing operations before income taxes $ (654) $ (5,958) $(16,409) $(16,397) $33,198 $(27,283) $(26,595) Add fixed charges 384 543 658 460 597 1,099 1,424 -------- -------- -------- -------- ------- -------- -------- Earnings (as defined) $ (270) $ (5,415) $(15,751) $(15,937) $33,795 $(26,184) $(25,171) ======== ======== ======== ======== ======= ======== ======== Fixed Charges Interest Expense 175 175 11 46 235 868 1,304 Amortization of debt issuance costs 56 56 0 0 0 0 0 Estimated interest component of rent expenses 153 312 647 414 362 231 120 -------- -------- -------- -------- ------- -------- -------- Total fixed charges 384 543 658 460 597 1,099 1,424 ======== ======== ======== ======== ======= ======== ======== Ration of earnings fixed charges Note (ii) Note (ii) Note (i) Note (i) 56.64 Note (i) Note (i) -------- -------- -------- -------- ------- -------- --------
(i) Earnings, as defined, were insufficient to cover fixed charges by $16.4 million, $16.4 million, $27.3 million, and $26.6 million in the fiscal years 2002, 2001, 1999, and 1998, respectively. (ii) Earnings, as defined, were insufficient to cover fixed charges by $654,000 and $6.0 million in the three and six months ended June 30, 2003, respectively.