Exhibit 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges
Year Ended December 31, | ||||||||||||||||||||
(dollars are in thousands, except ratios) | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from Continuing Operations, Before Provision (Benefit) for Income Taxes | $ | 36,145 | $ | (171,527 | ) | $ | (96,257 | ) | $ | 4,583 | $ | 5,042 | ||||||||
Plus: | ||||||||||||||||||||
Fixed Charges | 30,560 | 26,316 | 11,539 | 10,132 | 15,505 | |||||||||||||||
Amortization of capitalized interest | 843 | 140 | — | — | — | |||||||||||||||
Minus: | ||||||||||||||||||||
Capitalized Interest | (1,385 | ) | (1,329 | ) | — | — | — | |||||||||||||
The noncontrolling interest in pretax income of subsidiaries that have not incurred fixed charges | (12,587 | ) | (11,264 | ) | (13,011 | ) | (9,171 | ) | (6,447 | ) | ||||||||||
Total Earnings | $ | 53,576 | $ | (157,664 | ) | $ | (97,729 | ) | $ | 5,544 | $ | 14,100 | ||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expenses (1) | $ | 9,294 | $ | 8,042 | $ | 2,446 | $ | 883 | $ | 8,042 | ||||||||||
Amortization of debt discount or premium | 10,758 | 7,376 | — | — | — | |||||||||||||||
Amortization of capitalized expenses related to debt | 628 | 494 | 343 | 143 | — | |||||||||||||||
An estimate of the interest component of rent expense | 8,495 | 9,075 | 8,751 | 9,105 | 7,463 | |||||||||||||||
Capitalized interest | 1,385 | 1,329 | — | — | — | |||||||||||||||
Total Fixed Charges | $ | 30,560 | $ | 26,316 | $ | 11,540 | $ | 10,131 | $ | 15,505 | ||||||||||
Total Ratio of Earnings to Fixed Charges: (2) | 1.8 | — | — | — | — | |||||||||||||||
(1) Excludes interest on uncertain tax positions, which is recorded in Provision (benefit) from income taxes.
(2) For the years ended December 31, 2016, 2015, 2014 and 2013 our earnings were insufficient to cover by $184.0 million, $109.3 million, $4.6 million, and $1.4 million, respectively. As a result of such deficiencies, the ratios are not presented above.