Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(in thousands)
| Year Ended December 31, | ||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
| Ratio of Earnings to Fixed Charges | ||||||||||||||||||||
| Earnings | ||||||||||||||||||||
| Income (loss) before provision for income taxes | $ | 545 | $ | (28,907 | ) | $ | 41,139 | $ | (1,162 | ) | $ | (43,355 | ) | |||||||
| Plus: | ||||||||||||||||||||
| Fixed charges | 25,813 | 14,061 | 9,810 | 15,895 | 13,396 | |||||||||||||||
| Amortization of capitalized interest | 297 | 216 | 160 | 160 | 160 | |||||||||||||||
| Equity earnings in unconsolidated subsidiaries | – | – | – | – | – | |||||||||||||||
| Less: | ||||||||||||||||||||
| Capitalized interest | (1,307 | ) | – | – | – | – | ||||||||||||||
| Income (loss) before income taxes and fixed charges | $ | 25,348 | $ | (14,630 | ) | $ | 51,109 | $ | 14,893 | $ | (29,799 | ) | ||||||||
| Fixed charges | ||||||||||||||||||||
| Interest expense, net, including amortization of deferred financing fees | $ | 22,406 | $ | 12,594 | $ | 9,438 | $ | 15,671 | $ | 13,049 | ||||||||||
| Capitalized interest | 1,307 | – | – | – | – | |||||||||||||||
| Estimate of interest component in rent expense | 2,100 | 1,467 | 372 | 224 | 347 | |||||||||||||||
| Total fixed charges | $ | 25,813 | $ | 14,061 | $ | 9,810 | $ | 15,895 | $ | 13,396 | ||||||||||
| Ratio of Earnings to fixed charges | 1.0 | (1.0 | ) | 5.2 | 0.9 | (2.2 | ) | |||||||||||||
| Excess (deficiency) | $ | (465 | ) | $ | (28,691 | ) | $ | 41,299 | $ | (1,002 | ) | $ | (43,195 | ) | ||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
| Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | ||||||||||||||||||||
| Earnings | ||||||||||||||||||||
| Income (loss) before provision for income taxes | $ | 545 | $ | (28,907 | ) | $ | 41,139 | $ | (1,162 | ) | $ | (43,355 | ) | |||||||
| Plus: | ||||||||||||||||||||
| Fixed charges and preferred dividends | 27,765 | 16,007 | 11,756 | 17,160 | 14,664 | |||||||||||||||
| Amortization of capitalized interest | 297 | 216 | 160 | 160 | 160 | |||||||||||||||
| Equity earnings in unconsolidated subsidiaries | – | – | – | – | – | |||||||||||||||
| Less: | ||||||||||||||||||||
| Capitalized interest | (1,307 | ) | – | – | – | – | ||||||||||||||
| Preferred dividends | (1,952 | ) | (1,946 | ) | (1,946 | ) | (1,265 | ) | (1,268 | ) | ||||||||||
| Income (loss) before income taxes and fixed charges | $ | 25,348 | $ | (14,630 | ) | $ | 51,109 | $ | 14,893 | $ | (29,799 | ) | ||||||||
| Fixed charges and preferred dividends | ||||||||||||||||||||
| Interest expense, net, including amortization of deferred financing fees | $ | 22,406 | $ | 12,594 | $ | 9,438 | $ | 15,671 | $ | 13,049 | ||||||||||
| Capitalized interest | 1,307 | – | – | – | – | |||||||||||||||
| Estimate of interest component in rent expense | 2,100 | 1,467 | 372 | 224 | 347 | |||||||||||||||
| Preferred dividends | 1,952 | 1,946 | 1,946 | 1,265 | 1,268 | |||||||||||||||
| Total fixed charges and preferred stock dividends | $ | 27,765 | $ | 16,007 | $ | 11,756 | $ | 17,160 | $ | 14,664 | ||||||||||
| Ratio of earnings to fixed charges and preferred stock dividends | 0.9 | (0.9 | ) | 4.3 | 0.9 | (2.0 | ) | |||||||||||||
| Excess (deficiency) | $ | (2,417 | ) | $ | (30,637 | ) | $ | 39,353 | $ | (2,267 | ) | $ | (44,463 | ) | ||||||