EX-12.1 2 pdli1231201810-kex121.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12.1

PDL BIOPHARMA, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)


 
 
 
 
 
 
 
 
 
 
 
 
For the Years Ended December 31,
(in thousands, except for ratios)
 
2014
 
2015
 
2016
 
2017
 
2018
Earnings:
 
 
 
 
 
 
 
 
 
 
Income before income taxes
 
$
501,272

 
$
530,138

 
$
109,370

 
$
184,527

 
$
(55,922
)
Add: fixed charges
 
39,274

 
27,123

 
18,330

 
20,507

 
12,578

Earnings
 
$
540,546

 
$
557,261

 
$
127,700

 
$
205,034

 
$
(43,344
)
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expense1
 
$
39,211

 
$
27,059

 
$
18,267

 
$
20,221

 
$
12,157

Estimated interest portion of rent expense2
 
63

 
64

 
63

 
286

 
421

Fixed charges
 
$
39,274

 
$
27,123

 
$
18,330

 
$
20,507

 
$
12,578

Ratio of earnings to fixed charges
 
13.76

 
20.55

 
6.97

 
10.00

 
(3.45
)
_____________________________________
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.