Exhibit 12.1
FuelCell Energy, Inc.
Statement of Computation of Ratio of Earnings
to Combined Fixed Charges and Preferred Dividends
Statement of Computation of Ratio of Earnings
to Combined Fixed Charges and Preferred Dividends
Amounts presented in thousands
Nine Months Ended July 31, | Fiscal Years Ended October 31, | |||||||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||
Earnings (loss): | ||||||||||||||||||||||||||||
Pre-tax (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | $ | (41,194 | ) | $ | (65,440 | ) | $ | (89,675 | ) | $ | (65,662 | ) | $ | (75,151 | ) | $ | (65,381 | ) | $ | (87,289 | ) | |||||||
Add: | ||||||||||||||||||||||||||||
Fixed Charges | 2,611 | 3,613 | 3,464 | 3,463 | 8,327 | 6,305 | 1,244 | |||||||||||||||||||||
Amortization of previously capitalized interest | — | — | — | — | — | — | 7 | |||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
Preferred dividends | 2,401 | 3,208 | 3,208 | 3,208 | 8,117 | 6,077 | 964 | |||||||||||||||||||||
Interest capitalized in the period | — | — | — | — | — | — | — | |||||||||||||||||||||
Earnings (loss) as adjusted | $ | (40,984 | ) | $ | (65,035 | ) | $ | (89,419 | ) | $ | (65,407 | ) | $ | (74,941 | ) | $ | (65,153 | ) | $ | (87,002 | ) | |||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense incurred | $ | 118 | $ | 265 | $ | 100 | $ | 84 | $ | 103 | $ | 103 | $ | 137 | ||||||||||||||
Estimate of interest within rental expense | 92 | 140 | 156 | 171 | 107 | 125 | 143 | |||||||||||||||||||||
Less: interest capitalized in the period | — | — | — | — | — | — | — | |||||||||||||||||||||
Preferred dividends | 2,401 | 3,208 | 3,208 | 3,208 | 8,117 | 6,077 | 964 | |||||||||||||||||||||
Total fixed charges | $ | 2,611 | $ | 3,613 | $ | 3,464 | $ | 3,463 | $ | 8,327 | $ | 6,305 | $ | 1,244 | ||||||||||||||
Ratio of earnings to fixed charges | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
Coverage deficiency | $ | (43,595 | ) | $ | (68,648 | ) | $ | (92,883 | ) | $ | (68,870 | ) | $ | (83,268 | ) | $ | (71,458 | ) | $ | (88,248 | ) |