Fuel Systems Solutions, Inc. - FORM 10-K - EX-12.1 - COMPUTATION OF RATIOS TO FIXED CHARGES - March 8, 2010

Attached files

file filename
10-K - FORM 10-K - Fuel Systems Solutions, Inc.d10k.htm
EX-23.1 - CONSENT OF PRICEWATERHOUSECOOPERS LLP - Fuel Systems Solutions, Inc.dex231.htm
EX-32.2 - SECTION 906 CFO CERTIFICATION - Fuel Systems Solutions, Inc.dex322.htm
EX-31.2 - SECTION 302 CFO CERTIFICATION - Fuel Systems Solutions, Inc.dex312.htm
EX-32.1 - SECTION 906 CEO CERTIFICATION - Fuel Systems Solutions, Inc.dex321.htm
EX-21.1 - SUBSIDIARIES OF THE COMPANY - Fuel Systems Solutions, Inc.dex211.htm
EX-23.2 - CONSENT OF BDO SEIDMAN, LLP - Fuel Systems Solutions, Inc.dex232.htm
EX-31.1 - SECTION 302 CEO CERTIFICATION - Fuel Systems Solutions, Inc.dex311.htm
EX-10.18 - DIRECTOR COMPENSATION POLICY - Fuel Systems Solutions, Inc.dex1018.htm

EXHIBIT 12.1

Ratios of Earnings to Fixed Charges

We present below our ratios of earnings to fixed charges. Earnings available to cover fixed charges consist of income before income taxes, equity share in income of unconsolidated affiliates and extraordinary gain plus fixed charges. Fixed charges consist of interest expense and the portion of rental expense we believe to be a reasonable approximation of the interest factor. No shares of our preferred stock were outstanding during the years ended December 31, 2009, 2008, 2007, 2006, and 2005, and we did not pay preferred stock dividends during these periods. Consequently, the ratios of earnings to fixed charges and preferred dividends are the same as the ratios of earnings to fixed charges for the same periods listed above.

 

     Year Ended December 31,  
     2009     2008     2007     2006     2005  

Earnings:

           

Consolidated net income (loss)

    $ 49,841      $ 24,256      $ 7,725      $ 8,580      $ (8,546 ) 

add:

           

Extraordinary gain/Cumulative effect of a change in accounting principle

      —          (243 )      —          —          117   

Income tax expense

      34,023        20,161        9,159        9,293        14,438   

Equity share in income of unconsolidated subsidiary

      (852 )      (454 )      (416 )      (414 )      (282 ) 

Dividends from unconsolidated subsidiary

      —          228        —          753        —     

Fixed charges

      4,540        2,778        2,655        2,238        2,124   
                                        

Total Earnings

    $ 87,552      $ 46,726      $ 19,123      $ 20,450      $ 7,851   
                                        

Fixed Charges:

           

Interest expense

    $ 2,329      $ 1,359      $ 1,434      $ 1,248      $ 1,035   

Interest component of rental expense

      2,211        1,419        1,221        990        1,089   
                                        

Total Fixed Charges

    $ 4,540      $ 2,778      $ 2,655      $ 2,238      $ 2,124   
                                        

Ratio of Total Earnings to Total Fixed Charges

      19.3        16.8        7.2        9.1        3.7   
                                        

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