IPG Photonics (IPGP) 10-Q 2013 Q1 Quarterly report

Exhibit 12.1

STATEMENT RE COMPUTATION OF EARNINGS TO FIXED CHARGES

	Three Months Ended March 31,		Year Ended December 31,
(In thousands, except ratios)	2013		2012		2011		2010		2009		2008
Ratio of Earnings to Fixed Charges
Earnings:
Income before income taxes	$	49,663	$	209,215	$	174,584	$	79,252	$	7,769	$	56,564
Add:
Amortization of capitalized interest		47		43		38		36		35		32
Fixed charges, net of capitalized interest		165		1,179		1,403		1,749		1,966		2,151
Income before income taxes and fixed charges, net	$	49,875	$	210,437	$	176,025	$	81,037	$	9,770	$	58,747
Fixed Charges:
Total interest expense	$	107	$	946	$	1,141	$	1,508	$	1,695	$	1,669
Capitalized interest		121		142		46		18		75		390
Interest factor in rents		58		233		262		241		271		482
Total fixed charges	$	286	$	1,321	$	1,449	$	1,767	$	2,041	$	2,541
Ratio of earnings to fixed charges		174.4x		159.3x		121.5x		45.9x		4.8x		23.1x