EXHIBIT 12.1
Hardinge Inc.
Ratio of Earnings to Fixed Charges
The table below sets forth the Ratios of Earnings to Fixed Charges for the periods indicated:
|
|
|
Years Ended December 31 |
| |||||||||||||
|
|
|
2012 |
|
2011 |
|
2010 |
|
2009 |
|
2008 |
| |||||
|
|
|
(in thousands) |
| |||||||||||||
|
Income (loss) before income taxes |
|
$ |
19,341 |
|
$ |
16,359 |
|
$ |
(3,066 |
) |
$ |
(31,462 |
) |
$ |
(31,257 |
) |
|
Add: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Fixed charges |
|
1,311 |
|
778 |
|
786 |
|
2,222 |
|
2,104 |
| |||||
|
Subtract: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Capitalized interest |
|
68 |
|
44 |
|
— |
|
— |
|
— |
| |||||
|
Total earnings (deficiency) |
|
$ |
20,584 |
|
$ |
17,093 |
|
$ |
(2,280 |
) |
$ |
(29,240 |
) |
$ |
(29,153 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Fixed charges |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Interest expense |
|
$ |
781 |
|
$ |
215 |
|
$ |
116 |
|
$ |
585 |
|
$ |
1,293 |
|
|
Capitalized interest |
|
68 |
|
44 |
|
— |
|
— |
|
— |
| |||||
|
Amortization of debt issuance costs |
|
78 |
|
124 |
|
310 |
|
1,341 |
|
421 |
| |||||
|
Interest portion of rental expense (a) |
|
384 |
|
395 |
|
360 |
|
296 |
|
390 |
| |||||
|
Total fixed charges |
|
$ |
1,311 |
|
$ |
778 |
|
$ |
786 |
|
$ |
2,222 |
|
$ |
2,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Ratio of earnings to fixed charges(b) |
|
15.70 |
|
21.97 |
|
— |
|
— |
|
— |
| |||||
(a) Calculated as 13% of rental expense which is a reasonable approximation of the interest factor.
(b) For the years ended December 31, 2010, 2009 and 2008, earnings were inadequate to cover fixed charges by $3.1 million, $31.5 million and $31.3 million, respectively.