Exhibit 12.1
SPACEHAB, INC.
Consolidated Financial Information
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
| Twelve Months Ended June 30, |
Nine Months Ended March 31, 2005 |
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| 2000 |
2001 |
2002 |
2003 |
2004 |
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| Earnings, as defined: |
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| Income (loss) before income taxes |
$ | (5,606 | ) | $ | (13,671 | ) | $ | (4,417 | ) | $ | (82,632 | ) | $ | 2,581 | $ | 5,324 | ||||||||
| Fixed charges, as below |
5,001 | 6,394 | 8,280 | 8,537 | 9,596 | 4,748 | ||||||||||||||||||
| Amortization of capitalized interest |
3,673 | 2,734 | 1,293 | — | — | — | ||||||||||||||||||
| Interest capitalized |
3,700 | 2,700 | 1,300 | — | — | — | ||||||||||||||||||
| Total earnings as defined |
$ | (632 | ) | $ | (7,243 | ) | $ | 3,856 | $ | (74,095 | ) | $ | 12,177 | $ | 10,072 | |||||||||
| Fixed charges, as defined: |
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| Interest expensed and capitalized |
$ | 3,773 | $ | 4,804 | $ | 6,683 | $ | 7,243 | $ | 8,237 | $ | 4,299 | ||||||||||||
| Amortization of debt placement costs |
528 | 623 | 730 | 461 | 726 | 270 | ||||||||||||||||||
| One third of rent expense (1) |
700 | 967 | 867 | 833 | 633 | 179 | ||||||||||||||||||
| Total fixed charges, as defined |
$ | 5,001 | $ | 6,394 | $ | 8,280 | $ | 8,537 | $ | 9,596 | $ | 4,748 | ||||||||||||
| Ratio of earnings to fixed charges (2) |
— | — | — | — | 1.27 | x | 2.12 | x | ||||||||||||||||
| (1) | The interest factor represents one-third of lease expense, which management believes is representative of the interest component of lease expense. |
| (2) | For the years ended June 30, 2000, 2001, 2002, and 2003, earnings were insufficient to cover fixed charges by $5.6 million, $13.6 million, $4.4 million, and $82.6 million, respectively. Accordingly, such ratios have not been presented. |