Exhibit 12.1
STATEMENT RE COMPUTATION OF RATIOS
		Three Months Ended			Year Ended December 31,
		March 31, 2008			2007			2006		2005		2004			2003
		(in thousands, except ratios)
Earnings:
	Pre-tax income (loss)	$	3,633		$	(32,580	)	$	52,235	$	27,528	$	(9,406	)	$	17,899
	Less: income (loss) from equity investees		(60	)		358			33		82		-			79
			3,693			(32,938	)		52,202		27,446		(9,406	)		17,820
Fixed charges (1):
	Interest expense, gross (2)		25,266			89,965			17,785		18,944		13,145			2,638
	Interest portion of rent expense		1,255			4,098			2,241		2,512		2,696			2,661
a) Fixed charges			26,521			94,063			20,026		21,456		15,841			5,299
b)  Earnings for ratio (3)		$	30,214		$	61,125		$	72,228	$	48,902	$	6,435		$	23,119
Ratios:
	Earnings to fixed charges (b/a)		1.1			-	(4)		3.6		2.3		-	(4)		4.4
Deficit of earnings to fixed charges		$	-		$	(32,938	)		-		-	$	(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 losses in 2007 and 2004, the ratio coverage was less than 1:1. Additional earnings of $32,938 and $9,406 would have been
	needed to achieve a coverage of 1:1 in each of those respective years.