Exhibit 12.1
Targacept, Inc.
Computation of Ratio of Earnings to Fixed Charges
Ratio of Earnings to Fixed Charges
| Fiscal Year Ended December 31, | Nine Months Ended | |||||||||||||||||||||||
| 2008 | 2009 | 2010 | 2011 | 2012 | September 30, 2013 | |||||||||||||||||||
| (in thousands, except ratio) | ||||||||||||||||||||||||
Pretax income from operations | $ | (28,144 | ) | $ | (40,325 | ) | $ | 13,115 | $ | (9,745 | ) | $ | (8,138 | ) | $ | (33,908 | ) | |||||||
Add fixed charges | 964 | 930 | 883 | 958 | 758 | 116 | ||||||||||||||||||
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Total Earnings | $ | (27,180 | ) | $ | (39,395 | ) | $ | 13,998 | $ | (8,787 | ) | $ | (7,380 | ) | $ | (33,792 | ) | |||||||
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Interest Expense | 251 | 217 | 153 | 132 | 86 | 43 | ||||||||||||||||||
Estimate of the interest within rental expense* | 713 | 713 | 730 | 826 | 672 | 73 | ||||||||||||||||||
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Total Fixed Charges | $ | 964 | $ | 930 | $ | 883 | $ | 958 | $ | 758 | $ | 116 | ||||||||||||
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Ratio of earnings to fixed charges | 15.85 | — | — | — | ||||||||||||||||||||
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Deficiency of earnings to fixed charges | $ | (28,144 | ) | $ | (40,325 | ) | $ | — | $ | (9,745 | ) | $ | (8,138 | ) | $ | (33,908 | ) | |||||||
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| * | Estimated to be one-third of rental payment. |
