Exhibit 12.1

Computation of Ratio of Earnings
to Fixed Charges

Emcore Corporation
Calculation of Ratio of Earnings to Fixed Charges


  1999 2000 2001 2002 2003
Fixed Charges:                              
Interest expense $ 1,617   $ 342   $ 3,240   $ 8,856   $ 8,288  
Amortized financing costs           556     1,300     982  
Total fixed charges   1,617     342     3,796     10,156     9,270  
Earnings:                              
Net loss   (21,355   (25,485   (8,642   (129,761   (38,525
Equity in unconsolidated affiliates   4,997     13,265     12,326     2,706     1,228  
Fixed charges   1,617     342     3,796     10,156     9,270  
Total earnings   ($14,741   ($11,878 $ 7,480     ($116,899   ($28,027
Ratio of earnings to fixed charges   (9.12   (34.73   1.97     (11.51   (3.02
Total insufficiency   ($16,358   ($12,220       ($127,055   ($37,297