Exhibit 12.1

STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED DIVIDENDS

	(dollars in thousands)
	Three months ended March 31, 2017			Year ended December 31, 2016			Year ended December 31, 2015			Year ended December 31, 2014			Year ended December 31, 2013
Net income (loss)	$	17,789		$	201,700		$	(61,833	)	$	3,070		$	338
Preferred deemed dividends		—			—			—			(9,455	)		—
Series B preferred stock dividends		(4,500	)		(18,000	)		(17,748	)		—			—
Net income (loss) attributable to common and participating stockholders	$	13,289		$	183,700		$	(79,581	)	$	(6,385	)	$	338
Interest on runoff notes	$	610		$	2,616		$	3,702		$	8,993		$	14,897
Interest charges due to debt facility termination		—			—			—			13,232			—
Total fixed charges		610			2,616			3,702			22,225			14,897
Preferred dividends		4,500			18,000			17,748			9,455			—
Total fixed charges and preferred dividends	$	5,110		$	20,616		$	21,450		$	31,680		$	14,897
Ratio of net income (loss) to combined fixed charges and preferred dividends		348	%		978	%		(288	%)		10	%		2	%
Ratio of net income (loss) attributable to common and participating stockholders to combined fixed charges and preferred dividends		260	%		891	%		(371	%)		(20	%)		2	%