ITRON, INC. - FORM 10-Q - EX-12.1 - STATEMENT RE COMPUTATION OF RATIOS - May 5, 2010

Attached files

file filename
10-Q - FORM 10-Q - ITRON, INC.d10q.htm
EX-10.3 - FORM OF LONG-TERM PERFORMANCE RSU AWARD NOTICE AND AGREEMENT - ITRON, INC.dex103.htm
EX-10.5 - FORM OF RSU AWARD NOTICE AND AGREEMENT - ITRON, INC.dex105.htm
EX-10.4 - FORM OF RSU AWARD NOTICE AND AGREEMENT - ITRON, INC.dex104.htm
EX-10.1 - FORM OF LONG-TERM PERFORMANCE RSU AWARD NOTICE AND AGREEMENT - ITRON, INC.dex101.htm
EX-10.2 - FORM OF LONG-TERM PERFORMANCE RSU AWARD NOTICE AND AGREEMENT - ITRON, INC.dex102.htm
EX-32.1 - CERTIFICATION PURSUANT TO SECTION 906 - ITRON, INC.dex321.htm
EX-10.6 - FORM OF STOCK OPTION GRANT NOTICE AND AGREEMENT - ITRON, INC.dex106.htm
EX-31.2 - CERTIFICATION PURSUANT TO SECTION 302 - ITRON, INC.dex312.htm
EX-31.1 - CERTIFICATION PURSUANT TO SECTION 302 - ITRON, INC.dex311.htm

Exhibit 12.1

STATEMENT RE COMPUTATION OF RATIOS

 

       Three Months Ended  
March 31, 2010		   Year Ended December 31,
           2009           2008           2007           2006           2005    
    (in thousands, except ratios)

Earnings:

            

Pre-tax income (loss)

     $ 18,102       $ (46,074)       $ 18,582       $ (43,550)       $ 52,235       $ 27,528  

Less: income from equity investees

     –           277        93       358        33       82  
                                   
    18,102       (46,351)       18,489       (43,908)       52,202       27,446  

Fixed charges (1):

            

Interest expense, gross (2)

     14,923       70,311        94,177       100,935       17,785       18,944  

Interest portion of rent expense

     1,275       5,241        5,163       4,098       2,241       2,512  
                                   

a) Fixed charges

     16,198       75,552        99,340       105,033       20,026       21,456  
                                   

b) Earnings for ratio (3)

     $ 34,300       $ 29,201        $ 117,829       $ 61,125       $ 72,228       $ 48,902  
                                   

Ratios:

            

Earnings to fixed charges (b/a)

     2.1       –     (4)       1.2       –     (4)       3.6       2.3  

Deficit of earnings to fixed charges

     $ –           $ (46,351)       $ –           $ (43,908)       $ –           $ –      

 

  (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 (loss) from continuing operations before income taxes, less income (loss) from equity investees, plus fixed charges.

  (4)

Due to Itron’s losses for the years ended December 31, 2009 and 2007, the coverage ratio was less than 1:1. Additional earnings of $46,351 and $43,908 would have been needed to achieve a coverage ratio of 1:1 in each of those respective periods.

 

ITRON, INC. Reports