Enzon Pharmaceuticals (ENZN) 10-K2010 FY Annual report

Filed: 16 Mar 11, 12:00am

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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.