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 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 | ) | ||||||
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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 | ||||||||||||||||||
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Total fixed charges | $ | 2,773 | $ | 5,591 | $ | 5,883 | $ | 3,451 | $ | 3,613 | $ | 3,464 | ||||||||||||
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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 | ) |