Statement re Computation of Ratios

EX-12.1 2 dex121.htm STATEMENT RE COMPUTATION OF RATIOS Statement re Computation of Ratios

Exhibit 12.1

STATEMENT RE: COMPUTATION OF RATIOS


		Three Months Ended March 31, 2006			Year Ended December 31,
		Three Months Ended March 31, 2006			2005			2004				2003			2002			2001
					(in thousands, except ratios)
Earnings:
Pre-tax income (loss)		$	13,156		$	27,528		$	(9,406	)		$	17,899		$	18,859		$	21,366
Less: equity in affiliates			33			82			—				79			126			(616	)

			13,123			27,446			(9,406	)			17,820			18,733			21,982
Fixed charges ⁽¹⁾:
Interest expense, gross⁽²⁾			5,746			18,944			13,145				2,638			2,061			5,112
Interest portion of rent expense			576			2,512			2,696				2,661			1,902			1,062

a) Fixed charges			6,322			21,456			15,841				5,299			3,963			6,174
b) Earnings for ratio ⁽³⁾		$	19,445		$	48,902		$	6,435			$	23,119		$	22,696		$	28,156
Ratios:
Earnings to fixed charges ^(b/a)			3.1			2.3			n/a	⁽⁴⁾			4.4			5.7			4.6
Deficit of earnings to fixed charges			n/a			n/a		$	(9,406	)			n/a			n/a			n/a

(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.