Exhibit 12
FUELCELL ENERGY INC.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
Amounts presented in thousands | Nine Months ended July 31, | ||||||||||||||||||
Fiscal Years Ended October 31, | |||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||
Earnings (loss): | |||||||||||||||||||
Pre-tax (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | $ | (47,820 | ) | $ | (87,289 | ) | $ | (67,414 | ) | $ | (48,833 | ) | $ | (15,438 | ) | $ | (4,448 | ) | |
Add: | |||||||||||||||||||
Fixed Charges | 4,585 | 1,227 | 287 | 335 | 306 | 141 | |||||||||||||
Amortization of previously capitalized interest | - | 7 | 13 | 13 | 13 | 13 | |||||||||||||
Less: | |||||||||||||||||||
Preferred dividends | 4,491 | 947 | - | - | - | - | |||||||||||||
Interest capitalized in the period | - | - | - | - | - | - | |||||||||||||
Earnings (loss) as adjusted | $ | (47,726 | ) | $ | (87,002 | ) | $ | (67,114 | ) | $ | (48,485 | ) | $ | (15,119 | ) | $ | (4,294 | ) | |
Fixed charges: | |||||||||||||||||||
Interest expense incurred | $ | - | $ | 137 | $ | 128 | $ | 160 | $ | 116 | $ | 141 | |||||||
Estimate of interest within rental expense | 94 | 143 | 159 | 175 | 190 | - | |||||||||||||
Less: interest capitalized in the period | - | - | - | - | - | ||||||||||||||
Preferred dividends | 4,491 | 947 | - | - | - | - | |||||||||||||
Total fixed charges | $ | 4,585 | $ | 1,227 | $ | 287 | $ | 335 | $ | 306 | $ | 141 | |||||||
Ratio of earnings to fixed charges | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||
Coverage deficiency | $ | (52,311 | ) | $ | (88,229 | ) | $ | (67,401 | ) | $ | (48,820 | ) | $ | (15,425 | ) | $ | (4,435 | ) |