Exhibit 12.1
STATEMENT RE COMPUTATION OF RATIOS
	Year Ended December 31,
	2008		2007			2006		2005		2004
	(in thousands, except ratios)
Earnings:
Pre-tax income (loss)	$	32,073	$	(32,580	)	$	52,235	$	27,528	$	(9,406	)
Less: income from equity investees		93		358			33		82		-
		31,980		(32,938	)		52,202		27,446		(9,406	)
Fixed charges (1):
Interest expense, gross (2)		80,735		89,965			17,785		18,944		13,145
Interest portion of rent expense		5,163		4,098			2,241		2,512		2,696
a) Fixed charges		85,898		94,063			20,026		21,456		15,841
b) Earnings for ratio (3)	$	117,878	$	61,125		$	72,228	$	48,902	$	6,435
Ratios:
Earnings to fixed charges (b/a)		1.4		-	(4)		3.6		2.3		-	(4)
Deficit of earnings to fixed charges	$	-	$	(32,938	)	$	-	$	-	$	(9,406	)

(1) Fixed charges consist of interest on indebtedness and amortization of debt issuance costs plus that portion of lease rental expense

  representative of the interest factor.

(2) Interest expense, gross, includes amortization of prepaid debt fees and discount.

(3) Earnings for ratio consist of income from continuing operations before income taxes, less income (loss) from equity investees, plus fixed

  charges.

(4) Due to Itron's losses in the years ended December 31, 2007 and 2004, the ratio coverage was less than 1:1.

  Additional earnings of $32,938 and $9,406 would have been needed to achieve a coverage of  1:1 in each of those respective years.