EX-12.1 2 rlhex12110qq12018.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1





Statement of Computation of Ratios
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
Year to Date
 
2013
2014
2015
2016
2017
 
March 31, 2018
 
(dollars in thousands)
Fixed charges:
 
 
 
 
 
 
 
Interest expense
$
5,416

$
4,450

$
6,044

$
5,586

$
7,065

 
$
1,655

Amortization of debt discount and related expenses
295

125

935

1,166

1,187

 
592

Estimate of interest within rental expense
1,717

1,968

2,450

1,885

2,104

 
498

Total fixed charges
$
7,428

$
6,543

$
9,429

$
8,637

$
10,356

 
$
2,745

 
 
 
 
 
 
 
 
Earnings available for fixed charges:
 
 
 
 
 
 
 
Income(loss) from continuing operations before taxes
$
(15,721
)
$
562

$
3,425

$
(6,729
)
$
(6,331
)
 
$
7,473

Add: Fixed charges
7,428

6,543

9,429

8,637

10,356

 
2,745

Add: Amortization of capitalized interest
—

—

—

15

20

 
5

Add: Distributed income of equity investees
—

—

—

—

—

 
—

Less: Capitalized interest
—

—

(315
)
(362
)
—

 
—

Total earnings available for fixed charges
$
(8,293
)
$
7,105

$
12,539

$
1,561

$
4,045

 
$
10,223

 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges(1)(2)
N/A

1.09

1.33

N/A

N/A

 
3.72

 
 
 
 
 
 
 
 
Deficit of earnings to fixed charges(2)
$
15,721

N/A

N/A

$
7,076

$
6,311

 
N/A

 
 
 
 
 
 
 
 
(1) For purposes of computing the ratio of earnings to fixed charges, earnings consist of income from continuing operations before income taxes plus equity in investments and less net income attributable to non-controlling interests. Fixed charges consist of interest, amortization of debt fees and that portion of rent deemed representative of interest. We have not included a ratio of earnings to combined fixed charges and preferred stock dividends because we do not have any preferred stock outstanding.
(2) In 2013, 2016 and 2017, we incurred losses from operations or our earnings were insufficient to cover our fixed charges. As a result, the ratio of earnings to fixed charges is not calculated for these periods as the ratio would be less than 1:1.