Enzon Pharmaceuticals (ENZN) 10-K2011 FY Annual report

Filed: 12 Mar 12, 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,

	2011			2010			2009			2008			2007

Determination of earnings:
(Loss) income from continuing operations before income taxes	$	(20,558	)	$	(3,137	)	$	(59,287	)	$	(46,312	)	$	60,271
Add:
Fixed Charges		6,441			7,159			12,300			13,450			18,131

Earnings, as adjusted	$	(14,117	)	$	4,022		$	(46,987	)	$	(32,862	)	$	78,402


Fixed charges:
Interest expense (gross)⁽¹⁾	$	5,929		$	6,315		$	11,514		$	12,681		$	17,380
Portion of rent representative of the interest factor⁽²⁾		512			844			786			769			751

Fixed charges	$	6,441		$	7,159		$	12,300		$	13,450		$	18,131


Deficiency of earnings available to cover fixed charges	$	(20,558	)	$	(3,137	)	$	(59,287	)	$	(46,312	)		N/A

Ratio of earnings to fixed charges		N/A			N/A			N/A			N/A			4:1


	(1)	Interest expense includes amortization of deferred issuance costs of $0.6 million, $0.6 million, $1.0 million, $1.1 million, and $1.6 million for the years ended December 31, 2011, 2010, 2009, 2008, and 2007, 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 $1.6 million, $2.6 million, $2.4 million, $2.3 million, and $2.3 million for the years ended December 31, 2011, 2010, 2009, 2008, and 2007, respectively.