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)