Exhibit 12.1
KVH INDUSTRIES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)
(Unaudited)
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| Three Months Ended |
| Year Ended December 31, |
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| March 31, 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
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Ratio of Earnings to Fixed Charges |
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Earnings |
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(Loss) income before income tax expense |
| $ | (4,725 | ) | $ | (1,970 | ) | $ | 2,666 |
| $ | 1,325 |
| $ | 6,683 |
| $ | 6,843 |
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Plus: |
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Fixed charges |
| 397 |
| 1,563 |
| 1,591 |
| 1,440 |
| 740 |
| 377 |
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Amortization of capitalized interest |
| — |
| — |
| — |
| — |
| — |
| — |
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Equity earnings in unconsolidated subsidiaries |
| — |
| — |
| — |
| — |
| — |
| — |
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Less: |
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Capitalized interest |
| — |
| — |
| — |
| — |
| — |
| — |
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(Loss) income before income tax expense and fixed charges |
| $ | (4,328 | ) | $ | (407 | ) | $ | 4,257 |
| $ | 2,765 |
| $ | 7,423 |
| $ | 7,220 |
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Fixed charges |
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Interest expense, net, including amortization of deferred financing fees |
| $ | 367 |
| $ | 1,491 |
| $ | 1,515 |
| $ | 1,341 |
| $ | 663 |
| $ | 331 |
|
Capitalized interest |
| — |
| — |
| — |
| — |
| — |
| — |
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Estimate of interest component in rent expense |
| 30 |
| 72 |
| 76 |
| 99 |
| 77 |
| 46 |
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Total fixed charges |
| $ | 397 |
| $ | 1,563 |
| $ | 1,591 |
| $ | 1,440 |
| $ | 740 |
| $ | 377 |
|
Ratio of earnings to fixed charges |
| (10.9 | ) | (0.3 | ) | 2.7 |
| 1.9 |
| 10.0 |
| 19.2 |
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(Deficiency) excess |
| $ | (4,725 | ) | $ | (1,970 | ) | $ | 2,666 |
| $ | 1,325 |
| $ | 6,683 |
| $ | 6,843 |
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Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
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Earnings |
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Income (loss) before provision for income taxes |
| (4,725 | ) | (1,970 | ) | 2,666 |
| 1,325 |
| 6,683 |
| 6,843 |
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Plus: |
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Fixed Charges and preferred dividends |
| 397 |
| 1,563 |
| 1,591 |
| 1,440 |
| 740 |
| 377 |
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Amortization of capitalized interest |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
Equity earnings in unconsolidated subsidiaries |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
Less: |
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|
|
|
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|
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Capitalized interest |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
Preferred dividends |
| — |
| — |
| — |
| — |
| — |
| — |
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(Loss) income before income tax expense and fixed charges |
| $ | (4,328 | ) | $ | (407 | ) | $ | 4,257 |
| $ | 2,765 |
| $ | 7,423 |
| $ | 7,220 |
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Fixed charges |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense, net, including amortization of deferred financing fees |
| $ | 367 |
| $ | 1,491 |
| $ | 1,515 |
| $ | 1,341 |
| $ | 663 |
| $ | 331 |
|
Capitalized interest |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
Estimate of interest component in rent expense |
| 30 |
| 72 |
| 76 |
| 99 |
| 77 |
| 46 |
| ||||||
Preferred dividends |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||
Total fixed charges |
| $ | 397 |
| $ | 1,563 |
| $ | 1,591 |
| $ | 1,440 |
| $ | 740 |
| $ | 377 |
|
Ratio of earnings to fixed charges |
| (10.9 | ) | (0.3 | ) | 2.7 |
| 1.9 |
| 10.0 |
| 19.2 |
| ||||||
(Deficiency) excess |
| $ | (4,725 | ) | $ | (1,970 | ) | $ | 2,666 |
| $ | 1,325 |
| $ | 6,683 |
| $ | 6,843 |
|
