EX-12.1 4 exhibit121-ratioofearningt.htm EXHIBIT 12.1 STATEMENT OF COMPUTATION Exhibit


Exhibit 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands)
 
For the six months ended
 
For the years ended
 
June 30,
 
December 31,
 
2016
 
2015
 
2015
 
2014
 
2013
 
2012
 
2011
Loss before taxes
$
(2,450
)
 
$
(10,288
)
 
$
(12,936
)
 
$
(25,089
)
 
$
(34,449
)
 
$
(40,884
)
 
$
(12,661
)
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (a)
276

 
320

 
515

 
1,242

 
1,220

 
1,722

 
1,870

Rentals:
 
 
 
 
 
 
 
 
 
 
 
 
 
Buildings, net of sublease income - 6.0% (b)
68

 
93

 
155

 
218

 
245

 
324

 
288

Total fixed charges
344

 
413

 
670

 
1,460

 
1,465

 
2,046

 
2,158

Loss before taxes and discontinued operations, plus fixed charges
(2,106
)
 
(9,875
)
 
(12,266
)
 
(23,629
)
 
(32,984
)
 
(38,838
)
 
(10,503
)
Ratio of earnings to fixed charges (c)

 

 

 

 

 

 

Deficit
$
(2,450
)
 
$
(10,288
)
 
$
(12,936
)
 
$
(25,089
)
 
$
(34,449
)
 
$
(40,884
)
 
$
(12,661
)

(a) Amortization of the discount on the Company's subordinated notes is included in interest expense.
(b) Management believes that 6.0% is a reasonable approximation of the interest factor on rentals. Building and office rental fees that were included in restructuring charges were excluded from fixed charges.
(c) The earnings to fixed charges ratio was less than 1:1 due to losses reported for the six months ended June 30, 2016 and 2015 and for the years ended December 31, 2015, 2014, 2013, 2012 and 2011
.