Itron (ITRI) 10-Q 2016 Q3 Quarterly report

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)
	Nine Months Ended September 30, 2016			Year Ended December 31,
				2015			2014			2013			2012			2011
	(in thousands, except ratios)
Earnings
Pre-tax income (loss)	$	56,633		$	37,102		$	(18,265	)	$	(153,400	)	$	125,194		$	(503,677	)
Add: dividends received from equity investees	148			444			681			707			571			307
Less: noncontrolling interest income	(2,263		)	(2,325		)	(1,370		)	(2,219		)	(1,949		)	(3,961		)
Less: income from equity investees	(299		)	(807		)	(270		)	(954		)	(517		)	(817		)
	54,219			34,414			(19,224		)	(155,866		)	123,299			(508,148		)
Fixed charges:(2)
Interest expense, gross(3)	8,344			12,289			11,602			10,686			10,115			36,794
Interest portion of rent expense	3,839			5,405			6,832			6,651			6,462			6,855
a) Fixed charges	12,183			17,694			18,434			17,337			16,577			43,649
b) Earnings for ratio(4)	$	66,402		$	52,108		$	(790	)	$	(138,529	)	$	139,876		$	(464,499	)
Ratios:
Earnings to fixed charges (b/a)(5)	5.5			2.9			N/A			N/A			8.4			N/A
Deficit of earnings to fixed charges	N/A			N/A			$	(19,224	)	$	(155,866	)	N/A			$	(508,148	)

⁽¹⁾  We had no preferred stock outstanding for any period presented and accordingly our ratio of earnings to combined fixed charges and preferred stock dividends is the same as our ratio of earnings to fixed charges for all periods presented.

⁽²⁾  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.

⁽³⁾  Interest expense, gross, includes amortization of prepaid debt fees.

⁽⁴⁾  Earnings for ratio consists of income (loss) from continuing operations before income taxes, plus dividends received from equity method investments, less income from equity investees, less income attributable to noncontrolling interests.

⁽⁵⁾  Earnings to fixed charges ratio is not calculated for years with a Deficit of earnings to fixed charges amount as the ratio is less than 1:1.