EX-12.1 3 ftai12312017exhibit121.htm EXHIBIT 12.1 Exhibit


EXHIBIT 12.1

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
 
 
 
 
Year Ended December 31,
 
 
 
 
 
2017
 
2016
 
2015
(amounts in thousands, except for ratio)
 
 
 
 
 
 
 
Pre-tax (loss) income from continuing operations
 
 
$
(21,286
)
 
$
(40,330
)
 
$
(28,045
)
(Loss) income from equity investees
 
 
(1,601
)
 
(5,992
)
 
(6,956
)
Pre-tax (loss) income from ops before adjustment for equity investees
 
 
(19,685
)
 
(34,338
)
 
(21,089
)
Distributions from equity investees
 
 
—

 
30

 
209

Pre-tax (loss) income from operations including distributions from equity investees
 
 
$
(19,685
)
 
$
(34,308
)
 
$
(20,880
)
Fixed charges:
 
 
 
 
 
 
 
 
Interest (expensed and capitalized)
 
 
$
36,355

 
$
19,050

 
$
19,961

 
Amortization of debt issuance costs
 
 
4,202

 
2,576

 
1,469

 
Amortization of bond discount/premium
 
 
790

 
53

 
41

 
Rental expense(1)
 
 
1,643

 
1,634

 
1,227

 
Total fixed charges
 
 
$
42,990

 
$
23,313

 
$
22,698

Pre-tax income (loss) from continuing operations including distributions from equity investees plus fixed charges, less preferred stock dividend requirements of consolidated subsidiaries
 
 
23,305

 
(10,995
)
 
1,818

Less depreciation of capitalized interest
 
 
(205
)
 
(205
)
 
(192
)
Earnings
 
 
$
23,100

 
$
(11,200
)
 
$
1,626

Ratio of earnings of fixed charges
 
 
0.54

 
(0.48
)
 
0.07


(1) Represents a reasonable approximation of the interest factor of the Company's rental expense to operating leases for the respective periods