Exhibit 12.1
Statement re Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
Years ended December 31, | Three Months Ended March 31, 2015 | |||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||
(dollars in thousands) | ||||||||||||||||
Net Loss before taxes | $ | (6,701 | ) | $ | (32,718 | ) | $ | (47,667 | ) | $ | (14,817 | ) | ||||
Add: | ||||||||||||||||
Fixed Charges | 564 | 217 | 276 | 74 | ||||||||||||
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Total Earnings | $ | (6,137 | ) | $ | (32,501 | ) | $ | (47,391 | ) | $ | (14,743 | ) | ||||
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Fixed Charges Calculation: | ||||||||||||||||
Interest expensed and capitalized | $ | 31 | $ | — | $ | — | $ | — | ||||||||
Amortized premiums, discounts, and capitalized expenses related to indebtedness | 382 | — | — | — | ||||||||||||
Interest factor in rents (1) | 151 | 217 | 276 | 74 | ||||||||||||
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Total Fixed Charges | $ | 564 | $ | 217 | $ | 276 | $ | 74 | ||||||||
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Ratio of Earnings to Fixed Charges | $ | — | $ | — | $ | — | $ | — | ||||||||
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Deficiency of earnings available to cover fixed charges | $ | (6,701 | ) | $ | (32,718 | ) | $ | (47,667 | ) | $ | (14,817 | ) | ||||
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(1) | Consists of one-third of rental expense, which we believe to be a reasonable estimate of an interest factor in our leases. |