EX-12.1 4 itriex-12112312017.htm EXHIBIT 12.1 RATIO OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
 
(in thousands, except ratios)
Earnings
 
 
 
 
 
 
 
 
 
Pre-tax income (loss)
$
134,575

 
$
84,627

 
$
37,102

 
$
(18,265
)
 
$
(153,400
)
Add: dividends received from equity investees
719

 
335

 
444

 
681

 
707

Less: noncontrolling interest income
(2,951
)
 
(3,283
)
 
(2,325
)
 
(1,370
)
 
(2,219
)
Less: income from equity investees
(542
)
 
(393
)
 
(807
)
 
(270
)
 
(954
)
 
131,801

 
81,286

 
34,414

 
(19,224
)
 
(155,866
)
 
 
 
 
 
 
 
 
 
 
Fixed charges:(2)
 
 
 
 
 
 
 
 
 
Interest expense, gross(3)
11,581

 
10,948

 
12,289

 
11,602

 
10,686

Interest portion of rent expense
5,096

 
4,958

 
5,405

 
6,832

 
6,651

 
 
 
 
 
 
 
 
 
 
a) Fixed charges
16,677

 
15,906

 
17,694

 
18,434

 
17,337

 
 
 
 
 
 
 
 
 
 
b) Earnings for ratio(4)
$
148,478

 
$
97,192

 
$
52,108

 
$
(790
)
 
$
(138,529
)
 
 
 
 
 
 
 
 
 
 
Ratios:
 
 
 
 
 
 
 
 
 
Earnings to fixed charges (b/a)(5)
8.9

 
6.1

 
2.9

 
N/A

 
N/A

 
 
 
 
 
 
 
 
 
 
Deficit of earnings to fixed charges
N/A

 
N/A

 
N/A

 
$
(19,224
)
 
$
(155,866
)

(1) 
We had no preferred stock outstanding for any period presented and accordingly our ratio of earnings to combined fixed charges and preferred stock dividends is the same as our ratio of earnings to fixed charges for all periods presented.

(2) 
Fixed charges consist of interest on indebtedness and amortization of debt issuance costs plus that portion of lease rental expense representative of the interest factor.

(3) 
Interest expense, gross, includes amortization of prepaid debt fees.

(4) 
Earnings for ratio consists of income (loss) from continuing operations before income taxes, plus dividends received from equity method investments, less income from equity investees, less income attributable to noncontrolling interests.

(5) 
Earnings to fixed charges ratio is not calculated for years with a Deficit of earnings to fixed charges amount as the ratio is less than 1:1.