PDL Biopharma (PDLI) 10-Q2017 Q1 Quarterly report

Filed: 3 May 17, 12:00am

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New words: affirmed, antidilutive, arrive, Article, ascribed, aut, blackout, cancellation, China, Chinese, choose, chosen, clarified, Clarifying, contraindicated, coordinate, creditor, denial, DFM, discontinued, dispositive, enjoin, enzyme, EPS, free, Haisco, heading, Hong, horization, hydrochlorothiazide, inappropriate, insufficient, Kong, logistic, NV, paper, pendency, plenary, precluded, predefined, pregnant, pretrial, proceed, pursue, reconciliation, reintroduction, remanded, reorganization, resigned, restored, Rue, shut, situation, smaller, sought, source, sue, suspended, Synjardy, tangible, Topic, treasury, UCC, underwriter, unissued, unregistered, unwound, women

Removed: accreted, accuracy, Actemra, Alzheimer, arising, assured, AXGN, AxoGen, brigatinib, bringing, Buyer, caption, care, cell, Chugai, cognition, cognitive, collateralized, collect, collectability, commence, comparing, concession, Concurrently, conformity, consistent, contra, declared, defer, delinquent, discounting, dividend, Durata, eliminated, emerging, enacted, endpoint, entitle, evidence, exchanged, explained, forecasted, forfeiture, functional, half, immaterial, inducement, ineffective, inflammatory, largest, lien, Lilly, Lion, location, monoclonal, notional, occurring, origination, parent, participating, phase, policy, precede, prevent, prompted, quality, ranging, rapidly, reclassification, reclassified, recovered, reflected, reimbursed, reliably, restatement, retirement, rheumatoid, satisfaction, scientific, secondary, served, shortfall, shown, Simplifying, solanezumab, speculative, stated, study, supplemental, technical, tendered, terminate, Unvested, updated, vest, Wellstate

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Exhibit 12.1

PDL BIOPHARMA, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Unaudited)

(Amount in thousands, except for ratios)



											For the Three Months Ended March 31, 2017


	2012		2013		2014		2015		2016
Earnings:
Income before income taxes	$	327,133	$	401,876	$	501,272	$	530,138	$	106,670	$	13,746
Add: fixed charges	29,097		24,931		39,274		27,123		18,330		4,995
Earnings	$	356,230	$	426,807	$	540,546	$	557,261	$	125,000	$	18,741
Fixed Charges:
Interest expense¹	$	29,036	$	24,871	$	39,211	$	27,059	$	18,267	$	4,971
Estimated interest portion of rent expense²	61		60		63		64		63		24
Fixed charges	29,097		$	24,931	$	39,274	$	27,123	$	18,330	$	4,995
Ratio of earnings to fixed charges	12.24		17.12		13.76		20.55		6.82		3.75

_____________________________________

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.