Exhibit 12.1
COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratios of earnings to fixed charges for the periods indicated. We have calculated the ratio of earnings to fixed charges by dividing the sum of income (loss) from continuing operations plus fixed charges by fixed charges. Fixed charges include interest expensed, amortized premiums, discounts and capitalized expenses related to indebtedness and estimates of interest within rental expenses.
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| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Years Ended January 31, |
| ($ in 000's) | March 31, 2018 | | 2017 | | 2016 | | 2015 | | 2014 | | 2013 |
| | | | | | | | | | | | |
| Income (loss) before income taxes | $ | 12,440 |
| | $ | (61,106 | ) | | $ | (54,013 | ) | | $ | (143,097 | ) | | $ | (6,729 | ) | | $ | (19,875 | ) |
| Fixed charges | 636 |
| | 3,298 |
| | 1,327 |
| | 743 |
| | 615 |
| | 614 |
|
| Total earnings (loss) | $ | 13,076 |
| | $ | (57,808 | ) | | $ | (52,686 | ) | | $ | (142,354 | ) | | $ | (6,114 | ) | | $ | (19,261 | ) |
| | | | | | | | | | | | |
| Interest cost, net of interest income | $ | 544 |
| | $ | 2,968 |
| | $ | 984 |
| | $ | 459 |
| | $ | 433 |
| | $ | 487 |
|
| Amortization of debt costs | 69 |
| | 257 |
| | 298 |
| | 264 |
| | 164 |
| | 104 |
|
| Estimated interest within rent expense | 23 |
| | 73 |
| | 45 |
| | 20 |
| | 18 |
| | 23 |
|
| Total fixed charges | $ | 636 |
| | $ | 3,298 |
| | $ | 1,327 |
| | $ | 743 |
| | $ | 615 |
| | $ | 614 |
|
| | | | | | | | | | | | |
| Ratio of earnings to fixed charges | 20.6:1 | | (1) | | (1) | | (1) | | (1) | | (1) |
(1) Due to the losses in the years ended December 31, 2017, 2016, 2015, 2014 and 2013, the ratio coverage was less than 1:1. Additional earnings of $61.1 million, $54.0 million, $143.1 million, $6.7 million and $19.9 million, respectively, would have been required to achieve ratios of 1:1.
