EX-12.1 2 d486222dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(in thousands, except ratios)

The following table sets forth our ratio of earnings to fixed charges and our ratio of earnings to combined fixed charges and preferred stock dividends for the years ended December 31, 2016, 2015, 2014, 2013 and 2012, and for the nine months ended September 30, 2017. As the ratios of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividends indicate less than one-to-one coverage for each of the periods presented, we have provided the coverage deficiency amounts for these periods. Earnings are the sum of (i) loss from continuing operations before losses from equity affiliates, and (ii) fixed charges, less (i) interest capitalized. Fixed charges are the sum of (i) interest expensed and capitalized, (ii) amortization of capitalized expenses related to indebtedness, and (iii) estimate of interest within rental expense.

 

     Year Ended December 31,     Nine Months
Ended September 30,		  
     2016     2015     2014     2013     2012     2017  

Loss from continuing operations before income taxes*

    $ (62,731 )    $ (59,539 )    $ (38,560 )    $ (43,119 )    $ (15,675 )    $ (45,138 ) 

Plus: Fixed charges

      2,502       1,777       686       429       670       2,155  

Less: Interest capitalized

      34       55       85       123       624       23  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings, as adjusted

    $ (60,263 )    $ (57,817 )    $ (37,959 )    $ (42,813 )    $ (15,629 )    $ (43,006 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges

      2,502       1,777       686       429       670       2,155  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 2,502     $ 1,777     $ 686     $ 429     $ 670     $ 2,155  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      —         —         —         —         —         —    

Ratio of earnings to combined fixed charges and preferred stock dividends

      —         —         —         —         —         —    

Deficiency of earnings available to cover fixed charges

      (57,761 )      (56,040 )      (37,273 )      (42,384 )      (14,959 )      (40,851 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Deficiency of earnings available to cover fixed charges and preferred stock dividends

    $ (57,761 )    $ (56,040 )    $ (37,273 )    $ (42,384 )    $ (14,959 )    $ (40,851 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

* Excluding losses from non-controlling interest and income/loss from equity investees.