EX-12.1 3 a2217531zex-12_1.htm EX-12.1

Exhibit 12.1

 

GT Advanced Technologies Inc.
Computation of Ratio of Earnings to Fixed Charges

 

(in thousands)

 

 

 

Nine 
Months 
Ended

 

Transition 
Period 
Ended

 

Fiscal year ended

 

 

 

 

September
28, 2013

 

December
31, 2012

 

March 31, 
2012

 

April 2, 
2011

 

April 3, 
2010

 

March 28, 
2009

 

Earnings(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before taxes

 

(61,474

)

(156,042

)

269,938

 

270,598

 

139,874

 

142,180

 

Fixed charges

 

21,149

 

10,199

 

14,867

 

4,314

 

1,443

 

978

 

Amortization of capitalized interest

 

84

 

226

 

43

 

0

 

0

 

0

 

Distributed income of equity investees

 

0

 

0

 

0

 

0

 

0

 

0

 

Interest capitalized

 

0

 

(188

)

(189

)

(83

)

0

 

0

 

Preference security dividend requirements of consolidated subsidiaries

 

0

 

0

 

0

 

0

 

0

 

0

 

Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges

 

0

 

0

 

0

 

0

 

0

 

0

 

Total Earnings:

 

(40,241

)

(145,805

)

284,659

 

274,829

 

141,317

 

143,158

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges (2):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed and capitalized

 

9,010

 

5,256

 

3,699

 

1,993

 

399

 

243

 

Amortized premiums, discounts and capitalized expenses related to indebtedness

 

10,864

 

3,622

 

9,594

 

1,087

 

359

 

240

 

Interest portion of rental expense

 

1,275

 

1,321

 

1,574

 

1,234

 

685

 

495

 

Total fixed charges:

 

21,149

 

10,199

 

14,867

 

4,314

 

1,443

 

978

 

Ratio of earnings to fixed charges

 

-1.90

X

-14.30

X

19.15

X

63.71

X

97.93

X

146.38

X

 



 


(1)”Earnings” is calculated by adding (a) pre-tax income from continuing operations; (b) fixed charges (excluding capitalized interest); and (c) amortization of capitalized interest.   (2) “Fixed Charges” means the sum of the following:  (a) interest expensed and capitalized (excluding interest expense related to uncertain tax positions), (b) amortized premiums, discounts and capitalized expenses related to indebtedness, and (c) an estimate of the interest within rental expense.  (3)  The amount of the deficiency is $61,390 for the nine-month period ended September 28, 2013 and $156,004 for the nine-month period ended December 31, 2012.

 

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