Exhibit 12
Microvision, Inc.
Computation of Ratio of Earnings to Cover Fixed
Charges and Preferred Dividends
(In thousands)
| 2003 | 2004 | 2005 | 2006 | 2007 | ||||||||||||||||
| Pre-tax income from continuing operations |
$ | (33,288 | ) | $ | (33,924 | ) | $ | (27,641 | ) | $ | (32,432 | ) | $ | (26,393 | ) | |||||
| Fixed charges |
78 | 509 | 4,176 | 5,962 | 519 | |||||||||||||||
| Earnings available to cover fixed charges |
(33,210 | ) | (33,415 | ) | (23,465 | ) | (26,470 | ) | (25,874 | ) | ||||||||||
| Fixed charges |
||||||||||||||||||||
| Interest on indebtedness |
51 | 151 | 3,253 | 5,753 | 513 | |||||||||||||||
| Interest attributable to rental property (a) |
27 | 12 | 6 | 12 | 6 | |||||||||||||||
| Preferred stock dividend requirements |
— | 346 | 917 | 197 | — | |||||||||||||||
| 78 | 509 | 4,176 | 5,962 | 519 | ||||||||||||||||
| Ratio of earnings to cover fixed charges (b) |
N/A | N/A | N/A | N/A | N/A | |||||||||||||||
| Additional earnings required to cover fixed charges |
$ | 33,288 | $ | 33,924 | $ | 27,641 | $ | 32,432 | $ | 26,393 | ||||||||||
| (a) | Based on a reasonable approximation of the interest factor. |
| (b) | As earnings were insufficient to cover fixed charges and preferred dividends, if any, no ratio has been presented. |