Exhibit 12.1
GT Advanced Technologies Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
|
| Nine |
| Transition |
| Fiscal year ended |
|
| ||||||
|
| September |
| December |
| March 31, |
| April 2, |
| April 3, |
| March 28, |
| |
Earnings(1): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income before taxes |
| (61,474 | ) | (156,042 | ) | 269,938 |
| 270,598 |
| 139,874 |
| 142,180 |
| |
Fixed charges |
| 21,149 |
| 10,199 |
| 14,867 |
| 4,314 |
| 1,443 |
| 978 |
| |
Amortization of capitalized interest |
| 84 |
| 226 |
| 43 |
| 0 |
| 0 |
| 0 |
| |
Distributed income of equity investees |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| |
Interest capitalized |
| 0 |
| (188 | ) | (189 | ) | (83 | ) | 0 |
| 0 |
| |
Preference security dividend requirements of consolidated subsidiaries |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| |
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| |
Total Earnings: |
| (40,241 | ) | (145,805 | ) | 284,659 |
| 274,829 |
| 141,317 |
| 143,158 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Fixed Charges (2): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest expensed and capitalized |
| 9,010 |
| 5,256 |
| 3,699 |
| 1,993 |
| 399 |
| 243 |
| |
Amortized premiums, discounts and capitalized expenses related to indebtedness |
| 10,864 |
| 3,622 |
| 9,594 |
| 1,087 |
| 359 |
| 240 |
| |
Interest portion of rental expense |
| 1,275 |
| 1,321 |
| 1,574 |
| 1,234 |
| 685 |
| 495 |
| |
Total fixed charges: |
| 21,149 |
| 10,199 |
| 14,867 |
| 4,314 |
| 1,443 |
| 978 |
| |
Ratio of earnings to fixed charges |
| -1.90 | X | -14.30 | X | 19.15 | X | 63.71 | X | 97.93 | X | 146.38 | X |
(1)”Earnings” is calculated by adding (a) pre-tax income from continuing operations; (b) fixed charges (excluding capitalized interest); and (c) amortization of capitalized interest. (2) “Fixed Charges” means the sum of the following: (a) interest expensed and capitalized (excluding interest expense related to uncertain tax positions), (b) amortized premiums, discounts and capitalized expenses related to indebtedness, and (c) an estimate of the interest within rental expense. (3) The amount of the deficiency is $61,390 for the nine-month period ended September 28, 2013 and $156,004 for the nine-month period ended December 31, 2012.