EX-12.1 5 d305218dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our ratio of earnings to fixed charges for the periods indicated on a consolidated basis. You should read these ratios of earnings to fixed charges in connection with our consolidated financial statements, including the notes to those statements, incorporated by reference into this prospectus (amounts in thousands, except ratios).

 

     Nine Months
Ended
September 30,
2016
   

 

Year Ended December 31,

 
     2015     2014     2013     2012     2011  

Earnings:

            

Income (Loss) before provision for income taxes

   $ (17,104   $ (13,384   $ (23,407   $ (10,745   $ (4,150   $ 5,524   

(Income) Loss from equity investees

     —          —          (105     (133     217        760   

Distributions from equity investees

     —          —          102        197        21        1,442   

Plus: Fixed Charges

     52,972        64,778        59,677        53,111        46,659        40,009   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Earnings

   $ 35,868      $ 51,394      $ 36,267      $ 42,430      $ 42,747      $ 47,735   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges:

            

Interest expense

   $ 30,966      $ 35,732      $ 31,261      $ 23,767      $ 18,022      $ 11,900   

Estimate of interest component of rental expense

     22,006        29,046        28,416        29,344        28,637        28,109   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Charges

   $ 52,972      $ 64,778      $ 59,677      $ 53,111      $ 46,659      $ 40,009   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of Earnings to Fixed Charges

     (A)        (A)        (A)        (A)        (A)        1.19   

 

(A) Earnings were insufficient to cover fixed charges by $17.1 million, $13.4 million, $23.4 million, $10.7 million and $3.9 million for the nine months ended September 30, 2016, and years ended December 31, 2015, 2014, 2013 and 2012, respectively.

In calculating the ratio of earnings to fixed charges, “earnings” means the sum of income before income taxes and fixed charges exclusive of capitalized interest, and “fixed charges” means interest expensed and capitalized, amortized premiums, discounts and capitalized expenses relating to indebtedness and an estimate of the portion of annual rental expense on leases that represents the interest factor.

For the periods indicated above, we did not have any outstanding shares of preferred stock. Therefore, the ratio of earnings to combined fixed charges and preferred stock dividends are identical to the ratios presented in the above table.