Omeros (OMER) 10-Q 2012 Q1 Quarterly report

EXHIBIT 12.1

Omeros Corporation

Computation of Deficiency in the Coverage of Fixed Charges by Earnings Before Fixed Charges

	For the three months ended March 31,			Year Ended December 31,
	2012			2011			2010			2009			2008			2007
	(in thousands, except share data)
Earnings before fixed charges:
Loss from continuing operations before income taxes	$	(8,895	)	$	(28,546	)	$	(29,251	)	$	(21,089	)	$	(23,827	)	$	(23,091	)
Add fixed charges		525			2,144			2,104			2,596			834			697
Add amortization of capitalized interest		—			—			—			—			—			—
Add distributed income of equity investees		—			—			—			—			—			—
Subtract capitalized interest		—			—			—			—			—			—
Loss before fixed charges	$	(8,370	)	$	(26,402	)	$	(27,147	)	$	(18,493	)	$	(22,993	)	$	(22,394	)
Fixed Charges:
Interest expense	$	391		$	1,532		$	1,328		$	1,948		$	280		$	151
Amortization of debt expense and loss from extinguishment of debt		103			352			503			254			55			—
Estimate of interest expense within rental expense		31			260			273			394			499			546
Preference security dividend requirements of consolidated subsidiaries		—			—			—			—			—			—
Total fixed charges	$	525		$	2,144		$	2,104		$	2,596		$	834		$	697
Deficiency of earnings available to cover fixed charges		(8,895	)		(28,546	)		(29,251	)		(21,089	)		(23,827	)		(23,091	)