EX-12.1 40 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Exhibit 12.1

SPACEHAB, INC.

Consolidated Financial Information

Ratio of Earnings to Fixed Charges

(In thousands, except ratio)

|  | Twelve Months Ended June 30, |  |  | Nine Months Ended March 31, 2005 |
|  | 2000 |  |  | 2001 |  |  | 2002 |  |  | 2003 |  |  | 2004 |  |
Earnings, as defined: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) before income taxes |  | $ | (5,606 | ) |  | $ | (13,671 | ) |  | $ | (4,417 | ) |  | $ | (82,632 | ) |  | $ | 2,581 |  |  | $ | 5,324 |
Fixed charges, as below |  |  | 5,001 |  |  |  | 6,394 |  |  |  | 8,280 |  |  |  | 8,537 |  |  |  | 9,596 |  |  |  | 4,748 |
Amortization of capitalized interest |  |  | 3,673 |  |  |  | 2,734 |  |  |  | 1,293 |  |  |  | — |  |  |  | — |  |  |  | — |
Interest capitalized |  |  | 3,700 |  |  |  | 2,700 |  |  |  | 1,300 |  |  |  | — |  |  |  | — |  |  |  | — |
Total earnings as defined |  | $ | (632 | ) |  | $ | (7,243 | ) |  | $ | 3,856 |  |  | $ | (74,095 | ) |  | $ | 12,177 |  |  | $ | 10,072 |
Fixed charges, as defined: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expensed and capitalized |  | $ | 3,773 |  |  | $ | 4,804 |  |  | $ | 6,683 |  |  | $ | 7,243 |  |  | $ | 8,237 |  |  | $ | 4,299 |
Amortization of debt placement costs |  |  | 528 |  |  |  | 623 |  |  |  | 730 |  |  |  | 461 |  |  |  | 726 |  |  |  | 270 |
One third of rent expense (1) |  |  | 700 |  |  |  | 967 |  |  |  | 867 |  |  |  | 833 |  |  |  | 633 |  |  |  | 179 |
Total fixed charges, as defined |  | $ | 5,001 |  |  | $ | 6,394 |  |  | $ | 8,280 |  |  | $ | 8,537 |  |  | $ | 9,596 |  |  | $ | 4,748 |
Ratio of earnings to fixed charges (2) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1.27 | x |  |  | 2.12 | x

(1) | The interest factor represents one-third of lease expense, which management believes is representative of the interest component of lease expense.

(2) | For the years ended June 30, 2000, 2001, 2002, and 2003, earnings were insufficient to cover fixed charges by $5.6 million, $13.6 million, $4.4 million, and $82.6 million, respectively. Accordingly, such ratios have not been presented.