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. |