EX-12.1 4 d536779dex121.htm EX-12.1

EX-12.1

Exhibit 12.1

AMERICAN SUPERCONDUCTOR CORPORATION

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands)		Year Ended March 31,																				Nine Months Ended December 31,
		2013				2014				2015				2016				2017				2017
Earnings:
Income (loss) before income taxes		$	(66,395	)		$	(55,406	)		$	(48,840	)		$	(20,748	)		$	(26,231	)		$	(26,286	)
Add: Fixed charges			15,965				10,489				2,579				1,580				829				425
Add: Losses/(Gains) from minority interest			2,231				2,273				743				(2,736	)			(325	)			(951	)
Earnings available for fixed charges		$	(48,199	)		$	(42,644	)		$	(45,518	)		$	(21,904	)		$	(25,727	)		$	(26,812	)
Fixed Charges:
Interest expense (1)		$	15,161			$	9,779			$	1,882			$	1,037			$	383			$	54
Portion of rental expense which represents interest (2)			804				710				697				543				446				371
Total Fixed charges		$	15,965			$	10,489			$	2,579			$	1,580			$	829			$	425
Ratio of earnings to fixed charges (3)			—				—				—				—				—				—

(1) Includes non-cash interest expense related to amortization of debt discount and issuance of common stock at a discount to pay debt.

(2) Assumed to be one third of rent expense as a reasonable approximation

(3) Earnings were inadequate to cover fixed charges for the years ended March 31, 2013, 2014, 2015, 2016 and 2017 by $64.2 million, $53.1 million, $48.1 million, $23.5 million and $26.6 million, respectively, and for the nine months ended December 31, 2017, by $27.2 million.