EX-12.1 3 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

The following table sets forth our ratio of deficiency of earnings to fixed charges and ratio of combined fixed charges to deficiency of earnings for the years ended December 31, 2004, 2005, 2006, 2007 and 2008 and the six months ended June 30, 2009. As the ratios of deficiency of earnings to fixed charges and deficiency of earnings to combined fixed charges indicate less than one-to-one coverage, we have provided the coverage deficiency amounts.

Statement of Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

 

    

 

Fiscal Year Ended December 31,

     6 months
ended
June 30,
2009		  
     2004     2005     2006     2007     2008    

Income (loss) before income taxes

    (27,257 )    (43,558 )    (45,720 )    (48,122 )    (43,886 )    (14,970 ) 

Fixed charges

    781      821      1,555      754      3,691      2,148   
                                    

Total earnings (loss) for computation of ratio

    (26,476 )    (42,737 )    (44,165 )    (47,368 )    (40,195 )    (12,822 ) 
                                    

Fixed Charges:

             

Interest expense (including warrant expense)

    495      505      1,175      351      3,064      1,775   

Amortization of prepayment penalty on debt

    —        —        —        —        —        —     

Interest attributable to rentals1

    286      316      380      403      627      373   
                                    

Total fixed charges

    781      821      1,555      754      3,691      2,148   
                                    

Ratio of earnings to fixed charges2

    (34 )    (52 )    (28 )    (63 )    (11 )    (6 ) 

Earnings needed to achieve 1:1 ratio

    28,038      44,379      47,275      48,876      47,577      17,118   

 

1

Estimate of interest attributable to rentals

 

2

Due to Stereotaxis’ losses in the years ended December 31, 2004, 2005, 2006, 2007, 2008 and the six months ended June 30, 2009, the ratio coverage was less than 1:1. Additional earnings of $28 million, $44.4 million, $47.3 million, $48.9 million, $47.6 million and $17.1 million would have been required in each of these periods, respectively, to achieve a ratio of 1:1.