Exhibit 12.1

First Solar, Inc.

Ratio of Earnings to Fixed Charges

(Except Ratios, all numbers in thousands)

	Dec. 31, 2012			Dec. 31, 2011			Dec. 31, 2010			Dec. 26, 2009			Dec. 27, 2008
Earnings
(Loss) Income from continuing operations before income taxes	$	(39,804	)	$	(53,713	)	$	762,077		$	686,314		$	463,776
Add:
Amortization of capitalized interest		8,312			3,652			4,566			3,385			1,091
Fixed charges		28,664			20,731			15,488			12,703			9,449
Less:
Capitalized interest		(10,303	)		(15,249	)		(10,063	)		(6,644	)		(6,885	)
Total (Loss) Earnings	$	(13,131	)	$	(44,579	)	$	772,068		$	695,758		$	467,431
Fixed Charges
Interest expense, net	$	11,966		$	100		$	6		$	2,858		$	509
Capitalized interest		10,303			15,249			10,063			6,644			6,885
Interest portion of fixed rent (1)		6,395			5,382			5,419			3,201			2,055
Fixed Charges	$	28,664		$	20,731		$	15,488		$	12,703		$	9,449
Ratio of Earnings to Fixed Charges		—			—			49.85			54.77			49.47

(1) The Company has included one-third of rent expense on operating leases. Management believes that one-third represents an appropriate implied interest factor for the Company’s operating leases.

(2) Earnings for each of the years ended December 31, 2012 and December 31, 2011 were inadequate to cover fixed charges due to a loss from continuing operations in such years. In order to achieve a ratio of earnings to fixed charges of 1:1, additional Earnings of $41,795 and $65,310 are required for the years ended December 31, 2012 and December 31, 2011, respectively.