Exhibit 12.1
Canadian Solar Inc.
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
|
| Year ended December 31, |
| Nine |
| ||||||||
|
| 2010 |
| 2011 |
| 2012 |
| 2013 |
| 2014 |
| 2015 |
|
|
| (In thousands of $, except percentage) |
| ||||||||||
Computation of Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes and non-controlling interest |
| 67,436 |
| (74,322 | ) | (198,619 | ) | 56,268 |
| 320,830 |
| 129,147 |
|
Fixed charges |
| 24,234 |
| 48,877 |
| 59,615 |
| 64,890 |
| 60,476 |
| 52,679 |
|
Amortization of capitalized interest |
| 668 |
| 1,246 |
| 1,723 |
| 6,773 |
| 5,789 |
| 4,509 |
|
Distributed income of equity investees |
| — |
| — |
| — |
| — |
| 337 |
| — |
|
Non-controlling interest in pre-tax loss (income) of subsidiaries that have not incurred fixed charges |
| (259 | ) | 99 |
| (314 | ) | (13,906 | ) | (4,385 | ) | (1,424 | ) |
Less: capitalized interest |
| 1,686 |
| 4,100 |
| 5,302 |
| 17,641 |
| 10,508 |
| 14,900 |
|
Total |
| 90,393 |
| (28,200 | ) | (142,897 | ) | 96,383 |
| 372,539 |
| 170,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Computation of Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses |
| 22,164 |
| 43,843 |
| 53,305 |
| 46,244 |
| 48,906 |
| 37,083 |
|
Interest capitalized |
| 1,686 |
| 4,100 |
| 5,302 |
| 17,641 |
| 10,508 |
| 14,900 |
|
Estimated interest component of rental expense |
| 384 |
| 934 |
| 1,008 |
| 1,005 |
| 1,062 |
| 696 |
|
Total Fixed Charges |
| 24,234 |
| 48,877 |
| 59,615 |
| 64,890 |
| 60,476 |
| 52,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock Dividends |
| — |
| — |
| — |
| — |
| — |
| — |
|
Combined Fixed Charges and Preferred Stock Dividends |
| 24,234 |
| 48,877 |
| 59,615 |
| 64,890 |
| 60,476 |
| 52,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Earnings to Fixed Charges |
| 373 | % | — |
| — |
| 149 | % | 616 | % | 323 | % |
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends |
| 373 | % | — |
| — |
| 149 | % | 616 | % | 323 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insufficient Coverage |
| — |
| 77,077 |
| 202,512 |
| — |
| — |
| — |
|