EX-12.1 4 v445716_ex12-1.htm EXHIBIT 12.1

Exhibit 12.1

 

Computation of Ratio of Earnings to Fixed Charges

 

  

Six Months
Ended

June 30,

   Year Ended December 31, 
   2016   2015   2014   2013   2012   2011 
   (dollars in thousands) 
Earnings:                              
Pre-tax income (loss) from continuing operations  $5,546   $17,845   $10,240   $(6,891)  $4,676   $12,469 
Plus:                              
Fixed charges   6,649    21,940    22,063    22,596    30,199    32,694 
Amortization of capitalized interest   93    180    178    176    171    167 
Less:                              
Capitalized interest   (138)   (144)   (103)   (71)   (55)   (62)
Total Earnings Adjusted for Fixed Charges  $12,150   $39,821   $32,378   $15,810   $34,991   $45,268 
Fixed Charges:                              
Interest expense (including amortized premiums and discounts)  $3,730   $15,429   $15,993   $16,892   $24,911   $27,665 
Capitalized interest   138    144    103    71    55    62 
Interest expense within rental expense (1)   2,781    6,367    5,967    5,633    5,233    4,967 
Total Fixed Charges  $6,649   $21,940   $22,063   $22,596   $30,199   $32,694 
Ratio of Earnings to Fixed Charges   1.8    1.8    1.5    0.7    1.2    1.4 

 

(1) One-third of rent expense is deemed to be representative of interest.