Exhibit 12.1
STATEMENT RE COMPUTATION OF RATIOS
		Nine Months Ended			Year Ended December 31,
		September 30, 2008			2007			2006		2005		2004			2003
		(in thousands, except ratios)
Earnings:
	Pre-tax income (loss)	$	26,339		$	(32,580	)	$	52,235	$	27,528	$	(9,406	)	$	17,899
	Less: income (loss) from equity investees		(59	)		358			33		82		-			79
			26,398			(32,938	)		52,202		27,446		(9,406	)		17,820
Fixed charges (1):
	Interest expense, gross (2)		65,366			89,965			17,785		18,944		13,145			2,638
	Interest portion of rent expense		3,979			4,098			2,241		2,512		2,696			2,661
a) Fixed charges			69,345			94,063			20,026		21,456		15,841			5,299
b) Earnings for ratio (3)		$	95,743		$	61,125		$	72,228	$	48,902	$	6,435		$	23,119
Ratios:
	Earnings to fixed charges (b/a)		1.4			-	(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 for ratio consist of income from continuing operations before income taxes, less income (loss) from equity investees, plus fixed charges.
(4)	Due to Itron's losses in the years ended December 31, 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.