EX-12.1 2 a10-12648_1ex12d1.htm EX-12.1

Exhibit 12.1

 

United Therapeutics Corporation

Ratio of Earnings to Fixed Charges

(Unaudited)

 

 

 

Six
Months
Ended
June 30,

 

Year Ended December 31,

 

 

 

2010

 

2009

 

2008

 

2007

 

2006

 

2005

 

 

 

$ in thousands

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (Losses) from continuing operations before income taxes

 

$

85,600

 

$

18,767

 

$

(83,721

)

$

4,477

 

$

37,973

 

$

47,522

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from equity investee

 

91

 

141

 

226

 

321

 

491

 

754

 

Fixed charges

 

9,581

 

18,326

 

17,357

 

16,855

 

3,589

 

29

 

Less: Capitalized interest

 

—

 

(5,154

)

(4,757

)

(689

)

—

 

—

 

Earnings (Losses), as adjusted

 

$

95,272

 

$

32,080

 

$

(70,895

)

$

20,964

 

$

42,053

 

$

48,305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense(1)

 

$

9,446

 

$

12,875

 

$

11,439

 

$

14,281

 

$

2,417

 

$

29

 

Capitalized interest

 

—

 

5,154

 

4,757

 

689

 

—

 

—

 

Portion of rentals representative of interest factor

 

135

 

297

 

1,161

 

1,885

 

1,172

 

—

 

Fixed charges

 

$

9,581

 

$

18,326

 

$

17,357

 

$

16,855

 

$

3,589

 

$

29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

9.94

 

1.75

 

(4.08

)

1.24

 

11.72

 

1,665.69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excess of fixed charges over earnings

 

$

—

 

$

—

 

$

88,252

 

$

—

 

$

—

 

$

—

 

 

(1)   Includes amortization of debt discount and issue costs.

 

NOTE: The ratio of earnings to fixed charges should be read in conjunction with the Consolidated Financial Statements and related Notes to the Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained within our Annual Report on Form 10-K for the year ended December 31, 2009, and this Quarterly Report on Form 10-Q for the three months ended June 30, 2010.