Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and Preference Security Dividends
$ in thousands | Year Ended December 31, | |||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||
Earnings: | ||||||||||||||
Income (loss) before income taxes | (9,259 | ) | (8,471 | ) | (7,032 | ) | (7,127 | ) | (4,689 | ) | ||||
Add: Total fixed charges and preference security dividends | 22 | 403 | — | — | 4 | |||||||||
Total earnings | (9,237 | ) | (8,068 | ) | (7,032 | ) | (7,127 | ) | (4,685 | ) | ||||
Fixed Charges and Preference Security Dividends: | ||||||||||||||
Interest expense | 22 | 403 | — | — | 4 | |||||||||
Estimated interest component within rental expense | — | — | — | — | — | |||||||||
Total fixed charges before preference security dividends | 22 | 403 | — | — | 4 | |||||||||
Preference security dividends | — | — | — | — | — | |||||||||
Total fixed charges and preference security dividends | 22 | 403 | — | — | 4 | |||||||||
Ratio of earnings to fixed charges and preference security dividends | (420 | ) | (20 | ) | — | — | (1,171 | ) |
Note 1: Earnings for the years presented were insufficient to cover fixed charges. The Company has never paid dividends on its preferred stock.