EX-12.1 9 file005.htm COMPUTATION OF RATIO

Exhibit 12.1

Ormat Technologies, Inc.
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in thousands of dollars)


  Nine Months
Ended
September 30,
2005		     
    
Year Ended December 31,
2004 2003 2002 2001 2000
EARNINGS AVAILABLE TO COVER FIXED CHARGES:                                    
                                     
Income from continuing operations before income taxes, minority interest, and equity in income of investees $ 24,660   $ 20,941   $ 18,125   $ 15,529   $ 1,812   $ 10,487  
                                     
Less:                                    
Interest capitalized   (3,215 )    (628 )    (297 )    (201 )    (974 )    (780 ) 
                                     
Add:                                    
Fixed charges deducted from earnings (see below)   32,849     43,622     8,626     6,589     5,516     4,689  
                                     
Distributed income of equity investees   4,558     3,996     —     —     —     —  
                                     
Earnings available to cover fixed charges $ 58,852   $ 67,931   $ 26,454   $ 21,917   $ 6,354   $ 14,396  
                                     
                                     
FIXED CHARGES:                                    
                                     
Interest expensed and capitalized and amortized premiums, discounts and capitalized expenses related to indebtedness $ 32,026   $ 43,413   $ 8,417   $ 6,380   $ 5,307   $ 4,480  
                                     
Interest within rent expense   823     209     209     209     209     209  
                                     
Fixed charges $ 32,849   $ 43,622   $ 8,626   $ 6,589   $ 5,516   $ 4,689  
                                     
Ratio of Earnings to Fixed Charges   1.79     1.56     3.07     3.33     1.15     3.07