Exhibit 12
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (1)
The following table sets forth, for each of the periods presented, our ratio of earnings to fixed charges and our coverage deficiency. You should read this table in conjunction with the financial statements and notes incorporated by reference in this prospectus.
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Numerator: Earnings | ||||||||||||||||||||
Pre-tax income (loss) | $ | 95,339 | $ | (50,720 | ) | $ | 24,603 | $ | (31,699 | ) | $ | (6,056 | ) | |||||||
Fixed charges(1) | 964 | 150 | 460 | 1,277 | 1,758 | |||||||||||||||
Total Earnings | 96,303 | (50,570 | ) | 25,063 | (30,422 | ) | (4,298 | ) | ||||||||||||
Denominator: Fixed Charges | ||||||||||||||||||||
Interest expense | 648 | — | 235 | 1,052 | 1,565 | |||||||||||||||
Amortized discounts related to indebtedness | 167 | — | 74 | 98 | 97 | |||||||||||||||
Interest expense within rental expense | 149 | 150 | 151 | 127 | 96 | |||||||||||||||
Total Fixed Charges | $ | 964 | $ | 150 | $ | 460 | $ | 1,277 | $ | 1,758 | ||||||||||
Ratio of earnings to fixed charges(2) | 99.9 | N/A | 54.5 | N/A | N/A |
(1) | Comprised of interest expense associated with the Company’s debt facilities and an estimate of the interest expense within rental expense (estimated as thirteen percent of total rent expense), which is a reasonable approximation of the interest factor. |
(2) | We did not record earnings for the years ended December 31, 2016, 2014 and 2013. Accordingly, our earnings were insufficient to cover fixed charges for such periods and we are unable to disclose a ratio of earnings to fixed charges for such periods. |