EX-12.1 5 a2215888zex-12_1.htm EX-12.1

Exhibit 12.1

		Canadian Solar Inc. Ratio of Earnings to Fixed Charges Year ended December 31,
		2008		2009		2010		2011		2012
		(In thousands of $, except percentage)
Computation of Earnings:
Income (loss) before income taxes and non-controlling interest		2,120		21,476		67,436		(74,322	)	(198,619	)
Fixed charges		13,457		10,856		24,234		48,877		59,615
Amortization of capitalized interest		119		368		668		1,246		1,723
Non-controlling interest in pre-tax loss (income) of subsidiaries that have not incurred fixed charges		—		—		(259	)	99		(314	)
Less: capitalized interest		1,188		1,307		1,686		4,100		5,302
Total		14,508		31,393		90,393		(28,200	)	(142,897	)
Computation of Fixed Charges:
Interest expenses		12,201		9,459		22,164		43,843		53,305
Interest capitalized		1,188		1,307		1,686		4,100		5,302
Estimated interest component of rental expense		68		90		384		934		1,008
Total Fixed Charges		13,457		10,856		24,234		48,877		59,615
Ratio of Earnings to Fixed Charges		108	%	289	%	373	%	—		—
Insufficient Coverage		—		—		—		77,077		202,512