Attached files
| file | filename |
|---|---|
| EX-32.2 - EX-32.2 - AXT INC | axti-20201231xex32d2.htm |
| EX-32.1 - EX-32.1 - AXT INC | axti-20201231xex32d1.htm |
| EX-31.2 - EX-31.2 - AXT INC | axti-20201231xex31d2.htm |
| EX-31.1 - EX-31.1 - AXT INC | axti-20201231xex31d1.htm |
| EX-23.1 - EX-23.1 - AXT INC | axti-20201231xex23d1.htm |
| EX-21.1 - EX-21.1 - AXT INC | axti-20201231xex21d1.htm |
| EX-10.15(A) - EX-10.15(A) - AXT INC | axti-20201231xex10d15a.htm |
| EX-10.15 - EX-10.15 - AXT INC | axti-20201231xex10d15.htm |
| EX-10.14(A) - EX-10.14(A) - AXT INC | axti-20201231xex10d14a.htm |
| EX-10.14 - EX-10.14 - AXT INC | axti-20201231xex10d14.htm |
| EX-10.13(A) - EX-10.13(A) - AXT INC | axti-20201231xex10d13a.htm |
| EX-10.13 - EX-10.13 - AXT INC | axti-20201231xex10d13.htm |
| EX-10.12 - EX-10.12 - AXT INC | axti-20201231xex10d12.htm |
| EX-4.1 - EX-4.1 - AXT INC | axti-20201231xex4d1.htm |
| 10-K - 10-K - AXT INC | axti-20201231x10k.htm |
Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| | Year Ended December 31, |
| |||||||||||||
|
| 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 | | |||||
| | (in thousands) | | |||||||||||||
Earnings: | | | | | | | | | | | | |||||
Income (loss) before income taxes | | $ | 7,072 | | $ | (1,026) | | $ | 11,947 | | $ | 10,853 | | $ | 5,699 | |
Less: Equity in loss (earnings) of investees | | | (111) | | | 1,876 | | | 1,080 | | | 1,694 | | | 1,995 | |
Less: Pre-tax net (income) loss attributable to noncontrolling interest | | | (1,803) | | | (1,012) | | | (1,355) | | | 87 | | | 670 | |
Add: Distributions paid by equity investees | | | — | | | — | | | — | | | — | | | — | |
Fixed charges and preferred stock dividends, as calculated below | | | 533 | | | 358 | | | 283 | | | 278 | | | 287 | |
Total earnings | | $ | 5,691 | | $ | 196 | | $ | 11,955 | | $ | 12,912 | | $ | 8,651 | |
| | | | | | | | | | | | | | | | |
Computation of fixed charges and preferred stock dividends: | | | | | | | | | | | | | | | | |
Interest expense | | $ | 222 | | $ | 94 | | $ | — | | $ | — | | $ | — | |
Preferred stock dividends(1) | | | 177 | | | 177 | | | 177 | | | 177 | | | 177 | |
Interest component of rent expense(2) | | | 134 | | | 87 | | | 106 | | | 101 | | | 110 | |
Total combined fixed charges and preferred stock dividends | | $ | 533 | | $ | 358 | | $ | 283 | | $ | 278 | | $ | 287 | |
| | | | | | | | | | | | | | | | |
Ratio of earnings to combined fixed charges and preferred stock dividends(3) | | | 10.68 | | | 0.55 | | | 42.24 | | | 46.45 | | | 30.14 | |
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 4.6% is used to calculate the interest component of rent expense. The borrowing rate is calculated using a weighted average for the interest rate on the Company's revolving line of credit of 4.4% and credit facility with the Bank of China of 4.7%. For the years prior to 2019, represents one-third of total rent expense which we believe is a reasonable estimate of the interest component of rent expense. |
| (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. |