EXHIBIT 12.1
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||
(dollars in thousands, except ratio data)(1) | ||||||||||||||||||||||||
Six months | ||||||||||||||||||||||||
ended | Year ended December 31, | |||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Earnings (Loss): | ||||||||||||||||||||||||
Earnings (loss) before provision for income taxes | $ | 64,402 | $ | (268,891 | ) | $ | (284,371 | ) | $ | (264,087 | ) | $ | (244,553 | ) | $ | (243,551 | ) | |||||||
Fixed Charges | 39,245 | 82,930 | 80,927 | 59,505 | 31,813 | 28,772 | ||||||||||||||||||
Total Earnings (Loss) | $ | 103,647 | $ | (185,961 | ) | $ | (203,444 | ) | $ | (204,582 | ) | $ | (212,740 | ) | $ | (214,779 | ) | |||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense on indebtedness (including amortization of debt expense and discount) | $ | 29,549 | $ | 62,912 | $ | 60,716 | $ | 39,606 | $ | 17,199 | $ | 19,683 | ||||||||||||
Interest expense on portion of rent expense representative of interest | 9,696 | 20,018 | 20,211 | 19,899 | 14,614 | 9,089 | ||||||||||||||||||
Total Fixed Charges | $ | 39,245 | $ | 82,930 | $ | 80,927 | $ | 59,505 | $ | 31,813 | $ | 28,772 | ||||||||||||
Ratio of Earnings to Fixed Charges(2) | 2.64 | — | — | — | — | — | ||||||||||||||||||
Coverage deficiency(3)(4)(5) | — | $ | (268,891 | ) | $ | (284,371 | ) | $ | (264,087 | ) | $ | (244,553 | ) | $ | (243,551 | ) | ||||||||
(1) | The Company adopted FSP APB 14-1 effective January 1, 2009 and retrospectively applied FSP APB 14-1 to all periods presented. | |
(2) | The Company’s Ratio of Earnings to Fixed Charges for the six months ended June 30, 2009 includes a gain on extinguishment debt of $38,873 and a gain on sale of an equity investment of $5,259 and reflects revenues received in connection with the delivery of raxibacumab to the Strategic National Stockpile. These amounts should not be considered indicative of the Company’s future performance for fiscal year 2009. | |
(3) | The Company’s Coverage deficiency for 2008 includes a gain on the sale of an equity investment of $32,518. | |
(4) | The Company’s Coverage deficiency for 2006 includes charges for lease termination and restructuring costs of $29,510 partially offset by a gain on the sale of an equity investment of $14,759. | |
(5) | The Company’s Coverage deficiency for 2004 includes net charges of $12,975, relating to a $15,408 charge for restructuring partially offset by a gain recognized on the extinguishment of debt of $2,433. |