Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year ended December 31, | ||||||||||||||||||||
(USD in thousands) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Pre-tax income | 61,087 | 40,383 | 27,407 | 17,891 | 2,006 | |||||||||||||||
Add: Fixed charges | 20,867 | 17,451 | 15,271 | 10,773 | 13,471 | |||||||||||||||
Add: Amortization of capitalized interest | 827 | 827 | 827 | 827 | 827 | |||||||||||||||
Less: Interest capitalized | — | — | — | — | — | |||||||||||||||
Earnings | 82,781 | 58,661 | 43,505 | 29,491 | 16,304 | |||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | 19,669 | 16,302 | 12,250 | 9,032 | 12,489 | |||||||||||||||
Interest capitalized | — | — | — | — | — | |||||||||||||||
Amortization of debt issuance cost and capitalized expenses related to indebtedness | 1,198 | 1,149 | 3,021 | 1,741 | 982 | |||||||||||||||
Fixed charges | 20,867 | 17,451 | 15,271 | 10,773 | 13,471 | |||||||||||||||
Earnings to fixed charges ratio | 3.97x | 3.36x | 2.85x | 2.74x | 1.21x |