Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AtriCure, Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges (in thousands)
As of September 30, 2013
Nine Months ended September 30, | Fiscal Years | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) before income taxes | $ | (6,468 | ) | $ | (7,484 | ) | $ | (5,425 | ) | $ | (3,773 | ) | $ | (16,554 | ) | $ | (10,225 | ) | ||||||
Fixed charges to add to earnings: | ||||||||||||||||||||||||
Interest expense | 359 | 702 | 643 | 751 | 622 | 332 | ||||||||||||||||||
Amortization of financing costs | 69 | 100 | 171 | 111 | 190 | 32 | ||||||||||||||||||
Rent interest factor (1) | 156 | 197 | 169 | 157 | 161 | 142 | ||||||||||||||||||
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Total fixed charges | 584 | 999 | 983 | 1,019 | 973 | 506 | ||||||||||||||||||
Earnings before income taxes and fixed charges | $ | (5,884 | ) | $ | (6,485 | ) | $ | (4,442 | ) | $ | (2,754 | ) | $ | (15,581 | ) | $ | (9,719 | ) | ||||||
Ratio of earnings to fixed charges | N/A | N/A | N/A | N/A | N/A | N/A |
Ratio of earnings to fixed charges is not applicable as the Company is deficient in earnings by $5,884, $6,485, $4,442, $2,754, $15,581, and $9,719 for the nine months ended September 30, 2013 and fiscal years ending 2012, 2011, 2010, 2009, and 2008, respectively.
(1) | Approximately one-third of rental expense is deemed representative of the interest factor. |