Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to
Combined Fixed Charges and Preferred Stock Dividends

 

 

 

Year Ended December 31,

 

 

 

2012

 

 

2013

 

 

2014

 

 

2015

 

 

2016

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$

(71,135

)

 

$

(28,213

)

 

$

(21,786

)

 

$

43,822

 

 

$

(24,094)

 

Add Fixed Charges (from below)

 

 

225

 

 

 

187

 

 

 

250

 

 

 

221

 

 

 

202

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total income (loss) to cover fixed charges

 

 

(70,910

)

 

 

(28,026

)

 

 

(21,536

)

 

 

44,043

 

 

 

(23,892)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest component of rent expense(1)

 

 

225

 

 

 

187

 

 

 

250

 

 

 

221

 

 

 

202

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

 

225

 

 

 

187

 

 

 

250

 

 

 

221

 

 

 

202

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges(2)

 

 

N/A

(3)

 

 

N/A

(3)

 

 

N/A

(3)

 

 

221

 

 

 

N/A

(3)

 

(1)

Represents the estimated portion of rental expense from operating leases that is considered by us to be representative of interest.

(2)

We have not had any preferred stock outstanding during the periods presented; therefore, the ratio of earnings to (and the deficiency of earnings available to cover) combined fixed charges and preferred stock dividends is the same as our ratio of earnings to (and the deficiency of earnings available to cover) fixed charges alone.

(3)

Earnings were insufficient to cover fixed charges for this period. The amount of the coverage deficiency was $71.1 million, $28.2 million, $21.8 million and $24.1million for the years ended December 31, 2012, 2013, 2014 and 2016, respectively.