EX-12.1 5 pdli1231201310-kex121.htm RATIO OF EARNINGS TO FIXED COSTS PDLI 12.31.2013 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,
 
 
2008
 
2009
 
2010
 
2011
 
2012
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
 
$
243,334

 
$
280,285

 
$
150,370

 
$
307,428

 
$
327,133

 
$
401,876

Add: fixed charges
 
14,285

 
19,430

 
43,578

 
36,153

 
29,097

 
24,931

Earnings
 
$
257,619

 
$
299,715

 
$
193,948

 
$
343,581

 
$
356,230

 
$
426,807

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense1
 
$
14,219

 
$
19,357

 
$
43,529

 
$
36,102

 
$
29,036

 
$
24,871

Estimated interest portion of rent expense2
 
66

 
73

 
49

 
51

 
61

 
60

Fixed charges
 
$
14,285

 
19,430

 
$
43,578

 
$
36,153

 
$
29,097

 
$
24,931

Ratio of earnings to fixed charges
 
18.03

 
15.43

 
4.45

 
9.50

 
12.24

 
17.12

_____________________________________
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.