EX-12.1 4 d462113dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(In thousands, except ratios)

 

     Year Ended December 31,     Six Months
Ended

June 30,
 
     2012     2013     2014      2015     2016     2017  

Computation of earnings:

             

Net income (loss) from continuing operations before provision for income taxes

   $ (33,906   $ (72,601   $ 61,571      $ (57,605   $ (69,634   $ (43,578

Fixed charges, as calculated below

     10,437       6,751       3,202        3,252       3,038       1,472  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Total (losses) earnings

   $ (23,469   $ (65,850   $ 64,773      $ (54,353   $ (66,596   $ (42,106
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Computation of fixed charges:

             

Interest expense, including amortization of debt issuance cost

   $ 10,313     $ 6,610     $ 3,090      $ 3,060     $ 2,825     $ 1,363  

Estimated interest expense portion of rental expense

     124       141       112        192       213       109  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Total fixed charges

   $ 10,437     $ 6,751     $ 3,202      $ 3,252     $ 3,038     $ 1,472  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends(1)

     —         —         20.2:1        —         —         —    

 

(1) Our earnings from continuing operations were inadequate to cover combined fixed charges and preferred stock dividends for the years ended December 31, 2012, 2013, 2015 and 2016 by $33.9 million, $72.6 million, $57.6 million and $69.6 million, respectively. Our earnings from continuing operations were inadequate to cover combined fixed charges and preferred stock dividends for the six months ended June 30, 2017 by $43.6 million.

For all periods presented above, we had no outstanding shares of preferred stock with required dividend payments.