EXHIBIT 12.1 SOLECTRON CORPORATION AND SUBSIDIARIES STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (In thousands, except ratio of earnings to fixed charges) Six Months Ended Year Ended August 31, -------------------------- ------------------------------------------------- February 28, February 29, 1991 1992 1993 1994 1995 1995 1996 ------- ------- ------- ------- -------- ------------ ------------- Earnings: Income before income taxes...... $16,442 $24,144 $48,613 $ 84,159 $120,494 $54,890 $83,328 Fixed charges................... 6,145 9,779 16,138 16,802 15,578 8,528 5,003 ------- ------- ------- -------- -------- -------- ------- $22,587 $33,923 $64,751 $100,961 $136,072 $63,418 $88,331 ------- ------- ------- -------- -------- -------- ------- ------- ------- ------- -------- -------- -------- ------- Fixed Charges: Interest portion of annual rent expense (1)....... $ 3,966 $ 4,393 $ 5,560 $ 6,127 $ 6,027 $ 3,063 $ 3,013 Interest expense................ 2,179 5,386 10,578 10,675 9,551 5,465 1,990 ------- ------- ------- -------- -------- -------- ------- $ 6,145 $ 9,779 $16,138 $ 16,802 $ 15,578 $ 8,528 $ 5,003 ------- ------- ------- -------- -------- -------- ------- ------- ------- ------- -------- -------- -------- ------- Earnings to fixed charges ratio........................... 3.68 3.47 4.01 6.01 8.73 7.44 17.66(2) (1) Total annual rent expense of certain facilities in Milpitas, California, and one third of annual rent expense for all other facilities was deemed to be representative of the interest factor in rent expense. (2) The ratio of earnings to fixed charges for the six months ended February 29, 1996 includes the conversion of the Company's zero-coupon convertible subordinated notes due 2012 (principally in the fourth quarter of fiscal year 1995), but excludes the Company's issuance of 6% Convertible Subordinated Notes due 2006 and 7 3/8 Senior Notes due 2006, Series A completed in February 1996.