EX-12.1 2 ex121-ratioofearningstofix.htm EXHIBIT 12.1 Ex. 12.1 - Ratio of Earnings to Fixed Charges


Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

 
 
For the Years Ended December 31,


2010

2011

2012

2013
(Dollars in Thousands)








EARNINGS:








Net income (loss) before taxes

$
11,167


$
9,425


$
4,905


$
14,496

Fixed charges

2,648


3,735


3,202


4,078

Capitalized interest

—


—


—


—

Earnings (Loss)

$
13,815


$
13,160


$
8,107


$
18,574










FIXED CHARGES:








Interest expense

$
2,648


$
3,735


$
3,202


$
4,078

Fixed Charges

$
2,648


$
3,735


$
3,202


$
4,078










PREFERRED STOCK DIVIDENDS:








Preferred dividends requirement

$
—


$
—


$
—


$
—

Preferred Dividends

$
—


$
—


$
—


$
—










COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

$
2,648


$
3,735


$
3,202


$
4,078










RATIO OF EARNINGS (LOSS) TO FIXED CHARGES

5.22


3.52


2.53


4.55

INSUFFICIENT COVERAGE

N/A


N/A


N/A


N/A










RATIO OF EARNINGS (LOSS) TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

5.22


3.52


2.53


4.55

INSUFFICIENT COVERAGE

N/A


N/A


N/A


N/A