Bel Fuse (BELFB) S-3 Shelf registration

Exhibit 12.1

Statement of Ratios of Earnings (Loss) to Fixed Charges

	Three months ended March 31,		Year ended December 31,
	2017		2016			2015		2014		2013		2012
Earnings (Loss):
Earnings (loss) before provision for income taxes	$	723	$	(82,552	)	$	25,732	$	9,770	$	15,165	$	997
Fixed charges		1,965		9,285			10,501		6,471		1,789		1,149
Total earnings (loss)		2,688		(73,267	)		36,233		16,241		16,954		2,146
Fixed Charges:
Interest expense		1,424		6,662			7,588		3,978		156		16
Estimate of interest within rental expense (a)		541		2,623			2,913		2,493		1,633		1,133
Total fixed charges		1,965		9,285			10,501		6,471		1,789		1,149
Ratio of earnings (loss) to fixed charges		1.37		(7.89	)		3.45		2.51		9.48		1.87

(a)  Estimate of interest within rental expense has been deemed to be approximately 33% of rental expense.