EXHIBIT 12.1

CADIZ INC.

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

AND COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

	Three Months Ended			Year Ended December 31,
(In thousands)	March 31, 2016			2015			2014			2013			2012			2011
Earnings:
Pre-tax loss from continuing operations		(8,794	)		(24,009	)		(18,877	)		(22,671	)		(19,885	)		(16,830	)
Fixed charges (see detail below)		4,191			10,070			8,518			7,644			6,817			5,704
Pre-tax loss from continuing operations plus fixed charges		(4,603	)		(13,939	)		(10,359	)		(15,027	)		(13,068	)		(11,126	)
Fixed charges:
Interest expense, net		4,191			10,070			8,518			7,644			6,817			5,704
Total fixed charges		4,191			10,070			8,518			7,644			6,817			5,704
Excess of Fixed Charges over Earnings		8,794			24,009			18,877			22,671			19,885			16,830
Excess of Combined Fixed Charges and Preferred Stock Dividend Requirements over Earnings		8,794			24,009			18,877			22,671			19,885			16,830

For the purpose of calculating both the ratios of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividend requirements, earnings represent net income from continuing operations before the cumulative effect of change in accounting principles, less undistributed equity earnings, plus applicable income taxes plus fixed charges.  Fixed charges, excluding interest on deposits, are comprised of interest expense (other than on deposits).  There were no preferred stock dividend requirements during these periods.