EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
| Year Ended December 31, | ||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
| Earnings: | ||||||||||||||||||||
| Net income (loss) attributed to Pacific Ethanol, Inc. | $ | (781 | ) | $ | (19,057 | ) | $ | 3,074 | $ | 73,892 | $ | (308,153 | ) | |||||||
| Add: | ||||||||||||||||||||
| Fixed Charges | 17,198 | 14,720 | 16,492 | 11,166 | 21,113 | |||||||||||||||
| Amortization of capitalized interest | – | – | 176 | 147 | 407 | |||||||||||||||
| Equity earnings in unconsolidated subsidiaries | – | – | – | 929 | – | |||||||||||||||
| Less: | ||||||||||||||||||||
| Captialized Interest | – | – | – | – | – | |||||||||||||||
| Preferred Dividends | (1,265 | ) | (1,268 | ) | (1,265 | ) | (2,847 | ) | (3,202 | ) | ||||||||||
| Total Earnings | $ | 15,152 | $ | (5,605 | ) | $ | 18,477 | $ | 83,287 | $ | (289,835 | ) | ||||||||
| Fixed charges: | ||||||||||||||||||||
| Interest Expense, net | $ | 13,662 | $ | 12,313 | $ | 14,162 | $ | 7,488 | $ | 16,300 | ||||||||||
| Capitalized interest | – | – | – | – | – | |||||||||||||||
| Amortization of deferred financing fees | 2,009 | 736 | 651 | 543 | 1,193 | |||||||||||||||
| Estimate of interest component in rent expense | 262 | 405 | 414 | 288 | 418 | |||||||||||||||
| Preferred dividends | 1,265 | 1,266 | 1,265 | 2,847 | 3,202 | |||||||||||||||
| Total Fixed Charges | $ | 17,198 | $ | 14,724 | $ | 16,492 | $ | 11,166 | $ | 21,113 | ||||||||||
| Ratio of Earnings to Fixed Charges | – | – | 1.12x | 7.46x | – | |||||||||||||||
| Excess (deficiency) of Earnings Available to Cover Fixed Charges | $ | (2,046 | ) | $ | (20,327 | ) | $ | 1,985 | $ | 72,121 | $ | (310,948 | ) | |||||||