EX-12.1 2 pdli-2017063010qex121.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12.1

PDL BIOPHARMA, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
(Amount in thousands, except for ratios)



 
 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended June 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
2013
 
2014
 
2015
 
2016
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
 
$
327,133

 
$
401,876

 
$
501,272

 
$
530,138

 
$
106,670

 
$
128,058

Add: fixed charges
 
29,097

 
24,931

 
39,274

 
27,123

 
18,330

 
10,035

Earnings
 
$
356,230

 
$
426,807

 
$
540,546

 
$
557,261

 
$
125,000

 
$
138,093

Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense1
 
$
29,036

 
$
24,871

 
$
39,211

 
$
27,059

 
$
18,267

 
$
9,986

Estimated interest portion of rent expense2
 
61

 
60

 
63

 
64

 
63

 
49

Fixed charges
 
29,097

 
$
24,931

 
$
39,274

 
$
27,123

 
$
18,330

 
$
10,035

Ratio of earnings to fixed charges
 
12.24

 
17.12

 
13.76

 
20.55

 
6.82

 
13.76

_____________________________________
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.