Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS
The following table reflects the computation of the ratio of earnings to fixed charges and preference dividends for the periods presented (in thousands):
| Year ended September 30, | Six Months Ended March 31, | |||||||||||||||||||||||
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Loss from operations before income taxes | $ | (22,423 | ) | $ | (44,344 | ) | $ | (42,933 | ) | $ | (38,394 | ) | $ | (10,551 | ) | $ | (8,805 | ) | ||||||
Add: | ||||||||||||||||||||||||
Interest portion of rental expense (1) | 64 | 126 | 195 | 206 | 209 | 107 | ||||||||||||||||||
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Total Earnings | $ | (22,359 | ) | $ | (44,218 | ) | $ | (42,738 | ) | $ | (38,188 | ) | $ | (10,342 | ) | $ | (8,698 | ) | ||||||
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Fixed Charges and Preference Dividends: | ||||||||||||||||||||||||
Interest portion of rental expense (1) | $ | 64 | $ | 126 | $ | 195 | $ | 206 | $ | 209 | $ | 107 | ||||||||||||
Preference dividend | — | — | — | — | — | — | ||||||||||||||||||
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Total fixed charges | $ | 64 | $ | 126 | $ | 195 | $ | 206 | $ | 209 | $ | 107 | ||||||||||||
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Ratio of earnings to fixed charges and preference dividends | — | — | — | — | — | — | ||||||||||||||||||
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Coverage deficiency (2) | $ | (22,423 | ) | $ | (44,344 | ) | $ | (42,933 | ) | $ | (38,394 | ) | $ | (10,551 | ) | $ | (8,805 | ) | ||||||
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(1) Computation of Interest Factor of Rental Expense: | ||||||||||||||||||||||||
Operating rental expense | $ | 194 | $ | 383 | $ | 591 | $ | 624 | $ | 633 | $ | 325 | ||||||||||||
Interest factor (*) | 33 | % | 33 | % | 33 | % | 33 | % | 33 | % | 33 | % | ||||||||||||
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Total | $ | 64 | $ | 126 | $ | 195 | $ | 206 | $ | 209 | $ | 107 | ||||||||||||
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(*) Calculated as 33% of rent expense, which is a reasonable approximation of the interest factor.
| (2) | In each of the years presented, we incurred losses from operations and as a result our earnings were insufficient to cover our fixed charges. The amount shown represents the amount of the coverage deficiency in each such period. |
