Itron (ITRI) 10-Q2007 Q2 Quarterly report

Filed: 8 May 07, 12:00am

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Removed: active, adequately, adjusted, anticipated, assessing, audit, automatic, back, Bulletin, calculate, comply, consolidating, content, continued, coverage, covered, customary, depending, depot, electric, electronic, embedded, equipped, evaluated, evolve, exclusive, expensing, expressed, extension, feasible, fee, finalized, forma, fronting, granting, holding, identifying, improved, institution, InterBank, invest, invested, letter, London, low, matter, maturing, member, merger, modified, module, monthly, offering, ongoing, Opinion, organizational, originated, preliminary, pro, proportionately, proposed, prudent, realizable, realization, reclassification, recognizing, regularly, reliance, resolution, restated, restructuring, SAB, selling, sharing, space, staffing, sublease, thereto, transition, ultimately, unconditional, undue, unused, upgrade, vacant

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Exhibit 12.1

STATEMENT RE COMPUTATION OF RATIOS

	Three Months Ended		Year Ended December 31,
	March 31, 2007		2006		2005		2004			2003		2002
	(in thousands, except ratios)

Earnings:
Pre-tax income (loss)	$	11,400	$	52,235	$	27,528	$	(9,406	)	$	17,899	$	18,859
Less: equity in affiliates		-		33		82		-			79		126
		11,400		52,202		27,446		(9,406	)		17,820		18,733

Fixed Charges ⁽¹⁾
Interest expense, gross⁽²⁾		5,497		17,785		18,944		13,145			2,638		2,061
Interest portion of rent expense		589		2,241		2,512		2,696			2,661		1,902

a) Fixed charges		6,086		20,026		21,456		15,841			5,299		3,963

b) Earnings for ratio ⁽³⁾	$	17,486	$	72,228	$	48,902	$	6,435		$	23,119	$	22,696

Ratios:
Earnings to fixed charges ^(b/a)		2.9		3.6		2.3		-	⁽⁴⁾		4.4		5.7

Deficit of earnings to fixed charges		-		-		-	$	(9,406	)		-		-


(1)	Fixed charges consist of interest on indebtedness and amortization of debt issuance costs plus that portion of lease rental expense representative of the interest factor.
(2)	Interest expense, gross, includes amortization of prepaid debt fees and discount.
(3)	Earnings consist of income from continuing operations before income taxes plus fixed charges.
(4)	Due to Itron's loss in 2004, the ratio coverage was less than 1:1. Additional earnings of $9,406 would have been needed to achieve a coverage of 1:1.