EXHIBIT 12.1
Environmental Power Corporation
Statement of Computation of Ratio of Earnings (Deficit) to Fixed Charges
(Dollars in thousands)
| 6 months | Year Ended December 31, |
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| ended June 30, 2008 |
2007 |
2006 |
2005 |
2004 |
2003 |
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| (a) Interest expensed and capitalized |
$ | 1,466 | $ | 2,119 | $ | 266 | $ | 160 | $ | 16 | $ | 47 | ||||||||||||
| (b) amortized premiums, discounts and capitalized expenses related to amortization |
9 | — | 7 | — | 15 | 36 | ||||||||||||||||||
| (c) an estimate of the interest within rental/lease expense |
60 | 142 | 96 | 58 | 53 | 36 | ||||||||||||||||||
| (d) preference security dividend requirements of consolidated subsidiaries |
667 | 1,348 | 198 | 5 | 5 | 5 | ||||||||||||||||||
| Fixed Charges |
2,202 | 3,609 | 567 | 223 | 89 | 124 | ||||||||||||||||||
| ADD |
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| (a) pretax income from continuing operations |
(8,775 | ) | (11,160 | ) | (10,972 | ) | (8,828 | ) | (5,445 | ) | (2,916 | ) | ||||||||||||
| (b) fixed charges |
2,202 | 3,609 | 567 | 223 | 89 | 124 | ||||||||||||||||||
| (c) amortization of capitalized interest |
17 | — | — | — | — | — | ||||||||||||||||||
| (d) distributed income of equity investee |
— | — | — | — | — | — | ||||||||||||||||||
| SUBTRACT |
||||||||||||||||||||||||
| (a) interest capitalized |
984 | 2,107 | 257 | 154 | — | — | ||||||||||||||||||
| (b) preference security dividend requirements of consolidated subsidiaries |
667 | 1,348 | 198 | 5 | 5 | 5 | ||||||||||||||||||
| (c) the minority interest in pretax income of subsidiaries that have not incurred fixed charges |
— | — | — | — | — | — | ||||||||||||||||||
| Earnings |
(8,224 | ) | (11,006 | ) | (10,860 | ) | (8,764 | ) | (5,361 | ) | (2,797 | ) | ||||||||||||
| Ratio of (loss) earnings to fixed charges |
(3.7 | ) | (3.0 | ) | (19.2 | ) | (39.3 | ) | (60.2 | ) | (22.6 | ) | ||||||||||||
| Earnings deficiency |
$ | 10,426 | $ | 14,615 | $ | 11,427 | $ | 8,987 | $ | 5,450 | $ | 2,921 | ||||||||||||