EX-12.1 3 computationofratios.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and Preference Security Dividends
$ in thousands
Year Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings:
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
(9,259
)
 
(8,471
)
 
(7,032
)
 
(7,127
)
 
(4,689
)
Add: Total fixed charges and preference security dividends
22

 
403

 
—

 
—

 
4

Total earnings
(9,237
)
 
(8,068
)
 
(7,032
)
 
(7,127
)
 
(4,685
)
Fixed Charges and Preference Security Dividends:
 
 
 
 
 
 
 
 
 
Interest expense
22

 
403

 
—

 
—

 
4

Estimated interest component within rental expense
—

 
—

 
—

 
—

 
—

Total fixed charges before preference security dividends
22

 
403

 
—

 
—

 
4

Preference security dividends
—

 
—

 
—

 
—

 
—

Total fixed charges and preference security dividends
22

 
403

 
—

 
—

 
4

Ratio of earnings to fixed charges and preference security dividends
(420
)
 
(20
)
 
—

 
—

 
(1,171
)
Note 1: Earnings for the years presented were insufficient to cover fixed charges. The Company has never paid dividends on its preferred stock.