Exhibit 12.1
AMERICAN SUPERCONDUCTOR CORPORATION
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands) | Year Ended March 31, | Nine Months Ended December 31, | ||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2017 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) before income taxes | $ | (66,395 | ) | $ | (55,406 | ) | $ | (48,840 | ) | $ | (20,748 | ) | $ | (26,231 | ) | $ | (26,286 | ) | ||||||
Add: Fixed charges | 15,965 | 10,489 | 2,579 | 1,580 | 829 | 425 | ||||||||||||||||||
Add: Losses/(Gains) from minority interest | 2,231 | 2,273 | 743 | (2,736 | ) | (325 | ) | (951 | ) | |||||||||||||||
Earnings available for fixed charges | $ | (48,199 | ) | $ | (42,644 | ) | $ | (45,518 | ) | $ | (21,904 | ) | $ | (25,727 | ) | $ | (26,812 | ) | ||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense (1) | $ | 15,161 | $ | 9,779 | $ | 1,882 | $ | 1,037 | $ | 383 | $ | 54 | ||||||||||||
Portion of rental expense which represents interest (2) | 804 | 710 | 697 | 543 | 446 | 371 | ||||||||||||||||||
Total Fixed charges | $ | 15,965 | $ | 10,489 | $ | 2,579 | $ | 1,580 | $ | 829 | $ | 425 | ||||||||||||
Ratio of earnings to fixed charges (3) | — | — | — | — | — | — |
(1) | Includesnon-cash interest expense related to amortization of debt discount and issuance of common stock at a discount to pay debt. |
(2) | Assumed to be one third of rent expense as a reasonable approximation |
(3) | Earnings were inadequate to cover fixed charges for the years ended March 31, 2013, 2014, 2015, 2016 and 2017 by $64.2 million, $53.1 million, $48.1 million, $23.5 million and $26.6 million, respectively, and for the nine months ended December 31, 2017, by $27.2 million. |