FuelCell Energy (FCEL) 8-K Entry into a Material Definitive Agreement

Exhibit 12.1

Amounts presented in thousands

	Six Months Ended April 30, 2017
Earnings (loss):
Pre-tax loss from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees	$	(26,923	)
Add:
Fixed Charges		6,550
Amortization of previously capitalized interest		-
Less:
Preferred dividends		1,600
Interest capitalized in the period		-
Non-controlling interest in loss that have not incurred fixed charges		-
Loss as adjusted	$	(22,073	)
Fixed charges:
Interest expense incurred including capitalized interest	$	4,677
Estimate of interest within rental expense (a)		273
Preferred dividends		1,600
Total fixed charges	$	6,550
Ratio of earnings to fixed charges		N/A
Coverage deficiency	$	28,523

(a) One-third of rent expense is the portion deemed representative of the interest factor for the six months ended April 30, 2017.