Assertio Therapeutics, Inc - FORM 10-K - EX-12.1 - February 26, 2015

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EX-32.2 - EX-32.2 - Assertio Therapeutics, Inca2223144zex-32_2.htm
EX-21 - EX-21 - Assertio Therapeutics, Inca2223144zex-21.htm
EX-31.1 - EX-31.1 - Assertio Therapeutics, Inca2223144zex-31_1.htm
EX-32.1 - EX-32.1 - Assertio Therapeutics, Inca2223144zex-32_1.htm
EX-31.2 - EX-31.2 - Assertio Therapeutics, Inca2223144zex-31_2.htm
EX-10.15 - EX-10.15 - Assertio Therapeutics, Inca2223144zex-10_15.htm
EX-10.22 - EX-10.22 - Assertio Therapeutics, Inca2223144zex-10_22.htm
EX-10.16 - EX-10.16 - Assertio Therapeutics, Inca2223144zex-10_16.htm
EXCEL - IDEA: XBRL DOCUMENT - Assertio Therapeutics, IncFinancial_Report.xls
10-K - 10-K - Assertio Therapeutics, Inca2223144z10-k.htm
EX-23.1 - EX-23.1 - Assertio Therapeutics, Inca2223144zex-23_1.htm

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Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

        Our ratio of earnings to fixed charges for each of the years ended December 31, 2010 to 2014 was as follows:

 
   Year Ended December 31,  
(in thousands of dollars, except for ratios)
  2014   2013   2012   2011   2010  
 
   (in thousands, except for ratios)
  

Earnings:

                                

Net income (loss) before income taxes

   $ 213,108   $ 4,580   $ (29,872 ) $ 71,122   $ 3,892  

Add: Fixed charges

     22,272     4,947     477     669     1,092  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings (Deficiency of Earnings) available to cover fixed charges(3)

   $ 235,380   $ 9,527   $ (29,395 ) $ 71,791   $ 4,984  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges:

    
 		    
 		    
 		    
 		    
 		  

Interest expense

     6,883     —     —     133     572  

Non-cash interest expense on PDL liability

     14,646     4,488     —     —     —  

Estimated interest component of rent

     743     459     477     536     520  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 22,272   $ 4,947   $ 477   $ 669   $ 1,092  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges(1)(2)

     10.6     1.9     —     107.3     4.6  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
For purposes of computing these ratios of earnings to fixed charges, fixed charges consist of interest expense, non-cash interest expense on PDL liability and an estimated interest component of rent. Non-cash charges relating to the change in fair value of the contingent consideration liability recorded as interest expense totaling $39,000, $908,000 and $2,373,000 within each of the years ended December 31, 2012, 2013 and 2014 have been excluded from the calculation of the fixed charges above.

(2)
We had no preferred stock outstanding for any period presented, and accordingly, the ratio of earnings to fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges.

(3)
Earnings consist of net income (loss) applicable to common stock shareholders before income taxes plus combined fixed charges. Earnings for the years ended December 31, 2014 and 2013 include non-cash PDL royalty revenue of $242,808,048 and $18,104,431, respectively.

Earnings were insufficient to cover fixed charges by $29.9 million in 2012.



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