FuelCell Energy (FCEL) 8-K FuelCell Energy, Inc. Announces Pricing of Senior Unsecured Convertible Notes Offering

Exhibit 12.1

FuelCell Energy, Inc.

Statement of Computation of Ratio of Earnings

to Combined Fixed Charges and Preferred Dividends

Amounts presented in thousands

	6 months ended April 30,			Fiscal Years Ended October 31,
	2013			2012			2011			2010			2009			2008
Earnings (loss):
Pre-tax (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees	$	(19,025	)	$	(31,010	)	$	(45,080	)	$	(52,424	)	$	(65,440	)	$	(89,675	)
Add:
Fixed Charges		2,773			5,591			5,883			3,451			3,613			3,464
Amortization of previously capitalized interest														—			—
Less:
Preferred dividends		1,600			3,201			3,200			3,201			3,208			3,208
Interest capitalized in the period
Earnings (loss) as adjusted	$	(17,852	)	$	(28,620	)	$	(42,397	)	$	(52,174	)	$	(65,035	)	$	(89,419	)
Fixed charges:
Interest expense incurred		1,140			2,304			2,578			127		$	265		$	100
Estimate of interest within rental expense		33			86			105			123			140			156
Less: interest capitalized in the period														—			—
Preferred dividends		1,600			3,201			3,200			3,201			3,208			3,208
Total fixed charges	$	2,773		$	5,591		$	5,883		$	3,451		$	3,613		$	3,464
Ratio of earnings to fixed charges		N/A			N/A			N/A			N/A			N/A			N/A
Coverage deficiency	$	(20,625	)	$	(34,211	)	$	(48,280	)	$	(55,625	)	$	(68,648	)	$	(92,883	)