EX-12.1 2 ex12-1.htm STATEMENT RE COMPUTATION OF RATIOS ex12-1.htm
                       Exhibit 12.1
STATEMENT RE COMPUTATION OF RATIOS
                    
                         
 
   
Three Months Ended
    
Year Ended December 31,         
  
   
March 31, 2007
    
2006
    
2005
    
2004
    
2003
    
2002
  
   
(in thousands, except ratios)            
  
                                     
Earnings:
                                    
Pre-tax income (loss)
   $
11,400
     $
52,235
     $
27,528
     $ (9,406 )   $
17,899
     $
18,859
  
Less: equity in affiliates
    
-
      
33
      
82
      
-
      
79
      
126
  
     
11,400
      
52,202
      
27,446
       (9,406 )    
17,820
      
18,733
  
                                                 
Fixed Charges (1)
                                                
Interest expense, gross (2)
    
5,497
      
17,785
      
18,944
      
13,145
      
2,638
      
2,061
  
Interest portion of rent expense
    
589
      
2,241
      
2,512
      
2,696
      
2,661
      
1,902
  
                                                 
a) Fixed charges
    
6,086
      
20,026
      
21,456
      
15,841
      
5,299
      
3,963
  
                                                 
b)  Earnings for ratio (3)
   $
17,486
     $
72,228
     $
48,902
     $
6,435
     $
23,119
     $
22,696
  
                                                 
Ratios:
                                                
 Earnings to fixed charges (b/a)
    
2.9
      
3.6
      
2.3
       - (4)    
4.4
      
5.7
  
                                                 
Deficit of earnings to fixed charges
    
-
      
-
      
-
     $ (9,406 )    
-
      
-
  
                         
(1)
Fixed charges consist of interest on indebtedness and amortization of debt issuance costs plus that portion of lease rental expense representative of the interest factor.
(2)
Interest expense, gross, includes amortization of prepaid debt fees and discount.    
            
(3)
Earnings consist of income from continuing operations before income taxes plus fixed charges.  
    
(4)
Due to Itron's loss in 2004, the ratio coverage was less than 1:1. Additional earnings of $9,406 would have been needed to achieve
a coverage of 1:1.