EX-12.1 4 dex121.htm STATEMENT RE COMPUTATION OF RATIOS Statement re Computation of Ratios

Exhibit 12.1

STATEMENT RE COMPUTATION OF RATIOS

 

     Year Ended December 31,
             2006                    2005                    2004                    2003                    2002        
     (in thousands, except ratios)

Earnings:

               

Pre-tax income (loss)

    $    52,235        $    27,528        $    (9,406)        $    17,899        $    18,859    

Less: equity in affiliates

    33        82        -            79        126    
                        
   52,202        27,446        (9,406)        17,820        18,733    

Fixed charges (1):

               

Interest expense, gross (2)

    17,785        18,944        13,145        2,638        2,061    

Interest portion of rent expense

    2,241        2,512        2,696        2,661        1,902    
                        

a) Fixed charges

    20,026        21,456        15,841        5,299        3,963    

b) Earnings for ratio (3)

    $    72,228        $    48,902        $       6,435        $    23,119        $    22,696    

Ratios:

               

Earnings to fixed charges (b/a)

    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.