EX-12.1 5 exh12-1.htm EXHIBIT 12.1
EXHIBIT 12.1
CADIZ INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
 AND COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

             
   
Six Months Ended
    
Year Ended December 31,
  
(In thousands)
  
June 30, 2016
    
2015
    
2014
    
2013
    
2012
    
2011
  
Earnings:
                                    
Pre-tax loss from continuing operations
    
(14,438
)
    
(24,009
)
    
(18,877
)
    
(22,671
)
    
(19,885
)
    
(16,830
)
Fixed charges (see detail below)
    
7,229
      
10,070
      
8,518
      
7,644
      
6,817
      
5,704
  
Pre-tax loss from continuing operations plus fixed charges
    
(7,209
)
    
(13,939
)
    
(10,359
)
    
(15,027
)
    
(13,068
)
    
(11,126
)
                                                 
Fixed charges:
                                                
Interest expense, net
    
7,229
      
10,070
      
8,518
      
7,644
      
6,817
      
5,704
  
Total fixed charges
    
7,229
      
10,070
      
8,518
      
7,644
      
6,817
      
5,704
  
                                                 
Excess of Fixed Charges over Earnings
    
14,438
      
24,009
      
18,877
      
22,671
      
19,885
      
16,830
  
Excess of Combined Fixed Charges and Preferred Stock Dividend Requirements over Earnings
    
14,438
      
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.