EX-12.1 4 c64669_ex12-1.htm 3B2 EDGAR HTML -- c64669_ex12-1.htm

EXHIBIT 12.1

ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

  

Year Ended December 31,
 

2010

  

2009

  

2008

  

2007

  

2006

Determination of earnings:

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations before income taxes

 

 

$

 

(3,137

)

 

 

 

$

 

(59,287

)

 

 

 

$

 

(46,312

)

 

 

 

$

 

60,271

  

 

 

$

 

(3,426

)

 

Add:

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

  

7,159

  

 

 

  

12,300

  

 

 

  

13,450

  

 

 

  

18,131

  

 

 

  

22,590

  

 

 

 

 

 

 

 

 

 

 

 

Earnings, as adjusted

 

 

$

 

4,022

  

 

 

$

 

(46,987

)

 

 

 

$

 

(32,862

)

 

 

 

$

 

78,402

  

 

 

$

 

19,164

  

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

Interest expense (gross)(1)

 

 

$

 

6,315

  

 

 

$

 

11,514

  

 

 

$

 

12,681

  

 

 

$

 

17,380

  

 

 

$

 

22,055

  

Portion of rent representative of the interest factor(2)

 

 

  

844

  

 

 

  

786

  

 

 

  

769

  

 

 

  

751

  

 

 

  

535

  

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

$

 

7,159

  

 

 

$

 

12,300

  

 

 

$

 

13,450

  

 

 

$

 

18,131

  

 

 

$

 

22,590

  

 

 

 

 

 

 

 

 

 

 

 

Deficiency of earnings available to cover fixed charges

 

 

$

 

(3,137

)

 

 

 

$

 

(59,287

)

 

 

 

$

 

(46,312

)

 

 

 

  

N/A

  

 

 

$

 

(3,426

)

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

  

N/A

  

 

 

  

N/A

  

 

 

  

N/A

  

 

 

  

4:1

  

 

 

  

N/A

  

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

 

 

  

Interest expense includes amortization of deferred issuance costs of $0.6 million, $1.0 million, $1.1 million, $1.6 million and $1.8 million for the years ended December 31, 2010, 2009, 2008, 2007 and 2006, respectively.

 

(2)

  

 

  

Approximately 33 percent of annual rent expense is included in the computation. The Company believes this is a reasonable estimate of the interest factor in its leases, which are not material. The underlying rent amounts were $2.6 million, $2.4 million, $2.3 million, $2.3 million and $1.6 million for the years ended December 31, 2010, 2009, 2008, 2007 and 2006, respectively.