Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
2012 | 2013 | 2014 | 2015 | Six Months Ended June 30, 2016 | |||||
(in thousands) | |||||||||
Computation of earnings: | |||||||||
Net loss from continuing operations before provision for income taxes | (28,272) | (22,002) | (20,618) | (53,053) | (24,446) | ||||
Fixed charges, as calculated below | 8,843 | 5,279 | 693 | 832 | 626 | ||||
Total earnings | (19,429) | (16,723) | (19,925) | (52,221) | (23,820) | ||||
Computation of fixed charges: | |||||||||
Interest expense, including amortization of debt issuance cost | 7,921 | 4,617 | 1 | 90 | 127 | ||||
Estimated interest expense portion of rental expense (1) | 919 | 656 | 683 | 735 | 471 | ||||
Estimated interest expense portion on uncertain tax positions (2) | 3 | 6 | 9 | 7 | 28 | ||||
Total fixed charges | 8,843 | 5,279 | 693 | 832 | 626 | ||||
Ratio of earnings to fixed charges (3) | __ | __ | __ | __ | __ |
(1) | This amount includes 30 percent of the rental expense, which we believe is a reasonable approximation of the interest component of rental expense. |
(2) | The Company recognizes interest and penalties relating to uncertain tax positions in income tax expense. |
(3) | Our earnings were inadequate to cover fixed charges for the years ended December 31, 2012, 2013, 2014 and 2015 by $28.3 million, $22.0 million, $20.6 million and $53.1 million, respectively, and by $24.4 million for the six months ended June 30, 2016. |
For the periods indicated above, we had no outstanding shares of preferred stock with required dividend payments.