EX-12.RATIO OF EARNI 2 c898-20151231ex12ratioof.htm EX-12.RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

Years Ended December 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In thousands

 

2015

 

2014

 

2013

 

2012

 

2011

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

 —

 

$

 —

 

$

 311 

 

$

 629 

 

$

 668 

Portion of rental expense representative of the interest factor (1)

 

 

 619 

 

 

 575 

 

 

 604 

 

 

 628 

 

 

 997 

Total Fixed Charges

 

$

 619 

 

$

 575 

 

$

 915 

 

$

 1,257 

 

$

 1,665 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) before tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

$

 (19,764)

 

$

 91,985 

 

$

 3,376 

 

$

 6,900 

 

$

 (3,233)

Add: Total fixed charges

 

 

 619 

 

 

 575 

 

 

 915 

 

 

 1,257 

 

 

 1,665 

Less: Net loss attributable to noncontrolling interests

 

 

 (415)

 

 

 (152)

 

 

 (193)

 

 

 (107)

 

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Earnings Available for Fixed Charges

 

$

 (18,730)

 

$

 92,712 

 

$

 4,484 

 

$

 8,264 

 

$

 (1,568)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges(2)

 

 

 —

 

 

 161.2 

 

 

 4.9 

 

 

 6.6 

 

 

 —

 

 

(1)

For purposes of calculating fixed charges, an interest factor of one-third was applied to total rental expense.

(2)

Adjusted earnings for the years ended December 31, 2015 and 2011 were not sufficient to provide for fixed charges.

(3)

For purposes of calculating the ratio of earnings to fixed charges, adjusted earnings includes a charge of $1,988 related to the withdrawal from a defined benefit plan of the former parent company. Adjusted earnings are not sufficient to provide for fixed charges.