EX-12.1 4 a2232469zex-12_1.htm EX-12.1

Exhibit 12.1

KVH INDUSTRIES, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollar amounts in thousands)

(Unaudited)

 

 

 

 

Three Months Ended

 

Year Ended December 31,

 

 

 

March 31, 2017

 

2016

 

2015

 

2014

 

2013

 

2012

 

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income before income tax expense

 

$

(4,725

)

$

(1,970

)

$

2,666

 

$

1,325

 

$

6,683

 

$

6,843

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

397

 

1,563

 

1,591

 

1,440

 

740

 

377

 

Amortization of capitalized interest

 

 

 

 

 

 

 

Equity earnings in unconsolidated subsidiaries

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

 

 

 

 

 

 

(Loss) income before income tax expense and fixed charges

 

$

(4,328

)

$

(407

)

$

4,257

 

$

2,765

 

$

7,423

 

$

7,220

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net, including amortization of deferred financing fees

 

$

367

 

$

1,491

 

$

1,515

 

$

1,341

 

$

663

 

$

331

 

Capitalized interest

 

 

 

 

 

 

 

Estimate of interest component in rent expense

 

30

 

72

 

76

 

99

 

77

 

46

 

Total fixed charges

 

$

397

 

$

1,563

 

$

1,591

 

$

1,440

 

$

740

 

$

377

 

Ratio of earnings to fixed charges

 

(10.9

)

(0.3

)

2.7

 

1.9

 

10.0

 

19.2

 

(Deficiency) excess

 

$

(4,725

)

$

(1,970

)

$

2,666

 

$

1,325

 

$

6,683

 

$

6,843

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before provision for income taxes

 

(4,725

)

(1,970

)

2,666

 

1,325

 

6,683

 

6,843

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges and preferred dividends

 

397

 

1,563

 

1,591

 

1,440

 

740

 

377

 

Amortization of capitalized interest

 

 

 

 

 

 

 

Equity earnings in unconsolidated subsidiaries

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

 

 

 

 

 

 

Preferred dividends

 

 

 

 

 

 

 

(Loss) income before income tax expense and fixed charges

 

$

(4,328

)

$

(407

)

$

4,257

 

$

2,765

 

$

7,423

 

$

7,220

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net, including amortization of deferred financing fees

 

$

367

 

$

1,491

 

$

1,515

 

$

1,341

 

$

663

 

$

331

 

Capitalized interest

 

 

 

 

 

 

 

Estimate of interest component in rent expense

 

30

 

72

 

76

 

99

 

77

 

46

 

Preferred dividends

 

 

 

 

 

 

 

Total fixed charges

 

$

397

 

$

1,563

 

$

1,591

 

$

1,440

 

$

740

 

$

377

 

Ratio of earnings to fixed charges

 

(10.9

)

(0.3

)

2.7

 

1.9

 

10.0

 

19.2

 

(Deficiency) excess

 

$

(4,725

)

$

(1,970

)

$

2,666

 

$

1,325

 

$

6,683

 

$

6,843