EX-12.1 21 axti-20231231xex12d1.htm EX-12.1

Exhibit 12.1

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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
​ |  | 2023 | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​ | 2019 | ​
​ |  | (in thousands) | ​
Earnings: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) before income taxes | $ | (19,033) | $ | 20,927 | $ | 17,602 | $ | 7,072 | $ | (1,026) | ​
Less: Equity in loss (earnings) of investees | ​ | (1,884) | ​ | (5,957) | ​ | (4,409) | ​ | (111) | ​ | 1,876 | ​
Less: Pre-tax net income attributable to noncontrolling interest and redeemable noncontrolling interests | ​ | 1,312 | ​ | (2,931) | ​ | (1,934) | ​ | (1,803) | ​ | (1,012) | ​
Add: Distributions paid by equity investees | ​ | - | ​ | - | ​ | - | ​ | - | ​ | - | ​
Fixed charges and preferred stock dividends, as calculated below | ​ | 2,153 | ​ | 1,476 | ​ | 721 | ​ | 533 | ​ | 358 | ​
Total earnings | $ | (17,452) | $ | 13,515 | $ | 11,980 | $ | 5,691 | $ | 196 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Computation of fixed charges and preferred stock dividends: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense | $ | 1,876 | $ | 1,201 | $ | 422 | $ | 222 | $ | 94 | ​
Preferred stock dividends(1) | ​ | 177 | ​ | 177 | ​ | 177 | ​ | 177 | ​ | 177 | ​
Interest component of rent expense(2) | ​ | 100 | ​ | 98 | ​ | 122 | ​ | 134 | ​ | 87 | ​
Total combined fixed charges and preferred stock dividends | $ | 2,153 | $ | 1,476 | $ | 721 | $ | 533 | $ | 358 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ratio of earnings to combined fixed charges and preferred stock dividends(3) | ​ | (8.11) | ​ | 9.16 | ​ | 16.62 | ​ | 10.68 | ​ | 0.55 | ​
Deficiency of earnings to combined fixed charges and preferred stock dividends | ​ | N/A | ​ | N/A | ​ | N/A | ​ | N/A | ​ | N/A | ​

| (1) | Dividends accrue on our outstanding Series A preferred stock at the rate of $0.20 per annum per share of Series A preferred stock. We have not paid any dividends on preferred stock. 883,000 shares of our preferred stock were issued and outstanding for all of the periods presented.

| (2) | Effective January 1, 2019 and onwards, interest is calculated consistent with guidance under ASC 842, where an estimate for the Company's incremental borrowing rate of 5.14%. The borrowing rate is calculated using a weighted average for the interest rate on the Company's Fremont office lease of 5.5% and the interest rate on Tongmei’s nitrogen system of 4.7%.

| (3) | For periods in which there is a deficiency of earnings available to cover combined fixed charges and preferred stock dividends, the ratio information is not applicable.