Fuel Systems Solutions, Inc. - FORM 10-K - EX-12.1 - COMPUTATION OF RATIOS TO FIXED CHARGES - March 3, 2011

Attached files

file filename
10-K - FORM 10-K - Fuel Systems Solutions, Inc.d10k.htm
EX-23.1 - CONSENT OF PRICEWATERHOUSECOOPERS LLP - Fuel Systems Solutions, Inc.dex231.htm
EX-32.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350 - Fuel Systems Solutions, Inc.dex322.htm
EX-32.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350 - Fuel Systems Solutions, Inc.dex321.htm
EX-23.2 - CONSENT OF BDO USA, LLP - Fuel Systems Solutions, Inc.dex232.htm
EX-21.1 - SUBSIDIARIES OF THE COMPANY - Fuel Systems Solutions, Inc.dex211.htm
EX-31.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13A-14(A) OR 15D-14(A) - Fuel Systems Solutions, Inc.dex311.htm
EX-10.18 - DIRECTOR COMPENSATION POLICY - Fuel Systems Solutions, Inc.dex1018.htm
EX-31.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13A-14(A) OR 15D-14(A) - Fuel Systems Solutions, Inc.dex312.htm

EXHIBIT 12.1

Ratios of Earnings to Fixed Charges

We present below our ratios of earnings to fixed charges. Earnings available to cover fixed charges consist of income before income taxes, equity share in income of unconsolidated affiliates and extraordinary gain plus fixed charges. Fixed charges consist of interest expense and the portion of rental expense we believe to be a reasonable approximation of the interest factor. No shares of our preferred stock were outstanding during the years ended December 31, 2010, 2009, 2008, 2007, and 2006, and we did not pay preferred stock dividends during these periods. Consequently, the ratios of earnings to fixed charges and preferred dividends are the same as the ratios of earnings to fixed charges for the same periods listed above.

 

     Year Ended December 31,  
     2010      2009     2008     2007     2006  

Earnings:

            

Consolidated net income (loss)

    $ 40,284       $ 49,841      $ 24,256      $ 7,725      $ 8,580   

add:

            

Extraordinary gain/Cumulative effect of a change in accounting principle

      —           —          (243 )      —          —     

Income tax expense

      19,556         34,023        20,161        9,159        9,293   

Equity share in income of unconsolidated subsidiary

      —           (852 )      (454 )      (416 )      (414 ) 

Dividends from unconsolidated subsidiary

      —           —          228        —          753   

Fixed charges

      3,576         4,540        2,778        2,655        2,238   
                                         

Total Earnings

    $ 63,416       $ 87,552      $ 46,726      $ 19,123      $ 20,450   
                                         

Fixed Charges:

            

Interest expense

    $ 903       $ 2,329      $ 1,359      $ 1,434      $ 1,248   

Interest component of rental expense

      2,673         2,211        1,419        1,221        990   
                                         

Total Fixed Charges

    $ 3,576       $ 4,540      $ 2,778      $ 2,655      $ 2,238   
                                         

Ratio of Total Earnings to Total Fixed Charges

      17.7         19.3        16.8        7.2        9.1   
                                         

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