Attached files
| file | filename |
|---|---|
| S-1 - FORM S-1 - SOLARCITY CORP | d553628ds1.htm |
| EX-5.1 - EX-5.1 - SOLARCITY CORP | d553628dex51.htm |
| EX-25.1 - EX-25.1 - SOLARCITY CORP | d553628dex251.htm |
| EX-23.1 - EX-23.1 - SOLARCITY CORP | d553628dex231.htm |
| EX-1.1 - EX-1.1 - SOLARCITY CORP | d553628dex11.htm |
Exhibit 12.1
SolarCity Corporation
Ratio of Earnings to Fixed Charges
(in thousands)
| Year Ended December 31, | Three Months Ended March 31, |
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| 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | |||||||||||||||||||
| Ratio of Earnings to Fixed Charges: |
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| Loss before income taxes |
$ | (26,233 | ) | $ | (22,698 | ) | $ | (47,009 | ) | $ | (73,622 | ) | $ | (91,521 | ) | $ | (28,260 | ) | ||||||
| Add: |
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| Fixed Charges |
478 | 763 | 5,503 | 10,319 | 21,630 | 6,712 | ||||||||||||||||||
| Less: |
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| Net income (loss) attributable to noncontrolling interests |
(12,272 | ) | 3,507 | (8,457 | ) | (117,230 | ) | (27,384 | ) | 2,839 | ||||||||||||||
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| (Loss) earnings as adjusted |
$ | (13,483 | ) | $ | (25,442 | ) | $ | (33,049 | ) | $ | 53,927 | $ | (42,507 | ) | $ | (24,387 | ) | |||||||
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| Fixed charges: |
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| Interest expense |
214 | 334 | 4,975 | 9,362 | 20,244 | 6,341 | ||||||||||||||||||
| Interest included in rent (i) |
264 | 429 | 528 | 957 | 1,386 | 371 | ||||||||||||||||||
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| Total Fixed charges |
$ | 478 | $ | 763 | $ | 5,503 | $ | 10,319 | $ | 21,630 | $ | 6,712 | ||||||||||||
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| Ratio of earnings to fixed charges (ii) |
N/A | N/A | N/A | 5.23 | N/A | N/A | ||||||||||||||||||
| Coverage deficiency |
$ | (13,961 | ) | $ | (26,205 | ) | $ | (38,552 | ) | $ | — | $ | (64,137 | ) | $ | (31,099 | ) | |||||||
| (i) | Interest included in rent has been calculated at one-third of all rental expense. We consider that to be a reasonable approximation of the interest factor included in rental expense. |
| (ii) | The ratio of earnings to fixed charges was computed by dividing earnings as adjusted by fixed charges for the periods indicated. |