Itron (ITRI) 10-Q 2018 Q2 Quarterly report

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)
	Six Months Ended June 30, 2018			Year Ended December 31,
				2017			2016			2015			2014			2013
	(in thousands, except ratios)
Earnings
Pre-tax income (loss)	$	(148,904	)	$	134,575		$	84,627		$	37,102		$	(18,265	)	$	(153,400	)
Add: dividends received from equity investees	—			719			335			444			681			707
Less: noncontrolling interest income	(1,512		)	(2,951		)	(3,283		)	(2,325		)	(1,370		)	(2,219		)
Less: income (loss) from equity investees	390			(542		)	(393		)	(807		)	(270		)	(954		)
	(150,026		)	131,801			81,286			34,414			(19,224		)	(155,866		)
Fixed charges:(2)
Interest expense, gross(3)	30,149			13,845			13,521			14,669			15,078			14,041
Interest portion of rent expense	4,476			5,096			4,958			5,405			6,832			6,651
a) Fixed charges	34,625			18,941			18,479			20,074			21,910			20,692
b) Earnings for ratio(4)	$	(115,401	)	$	150,742		$	99,765		$	54,488		$	2,686		$	(135,174	)
Ratios:
Earnings to fixed charges (b/a)(5)	N/A			8.0			5.4			2.7			0.1			N/A
Deficit of earnings to fixed charges	$	(115,401	)	N/A			N/A			N/A			N/A			$	(135,174	)

⁽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, plus fixed charges.

⁽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.