Exhibit 12.1
STATEMENT RE: COMPUTATION OF RATIOS
Three Months Ended March 31, 2006 | Year Ended December 31, | |||||||||||||||||||
| 2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
| (in thousands, except ratios) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Pre-tax income (loss) | $ | 13,156 | $ | 27,528 | $ | (9,406 | ) | $ | 17,899 | $ | 18,859 | $ | 21,366 | |||||||
Less: equity in affiliates | 33 | 82 | — | 79 | 126 | (616 | ) | |||||||||||||
| 13,123 | 27,446 | (9,406 | ) | 17,820 | 18,733 | 21,982 | ||||||||||||||
Fixed charges(1): | ||||||||||||||||||||
Interest expense, gross (2) | 5,746 | 18,944 | 13,145 | 2,638 | 2,061 | 5,112 | ||||||||||||||
Interest portion of rent expense | 576 | 2,512 | 2,696 | 2,661 | 1,902 | 1,062 | ||||||||||||||
a) Fixed charges | 6,322 | 21,456 | 15,841 | 5,299 | 3,963 | 6,174 | ||||||||||||||
b) Earnings for ratio(3) | $ | 19,445 | $ | 48,902 | $ | 6,435 | $ | 23,119 | $ | 22,696 | $ | 28,156 | ||||||||
Ratios: | ||||||||||||||||||||
Earnings to fixed charges(b/a) | 3.1 | 2.3 | n/a | (4) | 4.4 | 5.7 | 4.6 | |||||||||||||
Deficit of earnings to fixed charges | n/a | n/a | $ | (9,406 | ) | n/a | n/a | n/a | ||||||||||||
| (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. |