Exhibit 12.1
Orion Energy Systems, Inc.
Ratio of Earnings (loss) to fixed charges
(in thousands, except ratios)
Nine Months Ended | ||||||||||||||||||||||||||||
December 31, | Fiscal Year Ended March 31, | |||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Earnings (loss): | ||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | (5,257 | ) | $ | (9,228 | ) | $ | (20,090 | ) | $ | (32,012 | ) | $ | (8,257 | ) | $ | (6,326 | ) | $ | 853 | ||||||||
Add: Fixed charges (see below) | 372 | 361 | 481 | 588 | 695 | 835 | 899 | |||||||||||||||||||||
Add: Amortization of capitalized interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Less: Capitalized Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Total earnings (loss) | $ | (4,885 | ) | $ | (8,867 | ) | $ | (19,609 | ) | $ | (31,424 | ) | $ | (7,562 | ) | $ | (5,491 | ) | $ | 1,752 | ||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 203 | $ | 223 | $ | 297 | $ | 376 | $ | 481 | $ | 567 | $ | 551 | ||||||||||||||
Interest capitalized | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Amortization of debt issue costs | 83 | 85 | 114 | 156 | 41 | 42 | 52 | |||||||||||||||||||||
Estimate of interest included within rental expense (a) | 86 | 53 | 70 | 56 | 173 | 226 | 296 | |||||||||||||||||||||
Total fixed charges | $ | 372 | $ | 361 | $ | 481 | $ | 588 | $ | 695 | $ | 835 | $ | 899 | ||||||||||||||
Ratio of earnings to fixed charges | (b | ) | (b | ) | (b | ) | (b | ) | (b | ) | (b | ) | 1.9 | |||||||||||||||
(a) Interest portion of rental expense is estimated to equal 14% of such expense, which is considered a reasonable approximation of the interest factor. (b) Earnings were insufficient to cover fixed charges by $5,257,000 and $9,228,000 for the nine months ended December 31, 2016 and 2105, respectively, and by $20,090,000, $32,061,000, $8,257,000 and $6,326,000 for the years 2016, 2015, 2014 and 2013, respectively. Total net loss includes net losses incurred of $4,996,000 and $9,256,000 for the nine months ended December 31, 2016 and 2015, respectively, and $20,126,000, $32,061,000, $6,199,000 and $10,399,000 for the years 2016, 2015, 2014 and 2013, respectively. |
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Coverage deficiency | $ | 5,257 | $ | 9,228 | $ | 20,090 | $ | 32,012 | �� | $ | 8,257 | $ | 6,326 | NA | ||||||||||||||
Net Income (loss) | $ | (4,996 | ) | $ | (9,256 | ) | $ | (20,126 | ) | $ | (32,061 | ) | $ | (6,199 | ) | $ | (10,399 | ) | NA |