Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARAGES AND PREFERRED STOCK DIVIDENDS
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| Six Months |
| Year Ended December 31, |
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| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
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| (in thousands) |
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Earnings: |
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Income (loss) before income taxes |
| $ | 1,268 |
| $ | (2,002 | ) | $ | (482 | ) | $ | (6,625 | ) | $ | 7,003 |
| $ | 28,618 |
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Less: Equity in (earnings) loss of investees |
| 856 |
| (462 | ) | (1,528 | ) | (1,377 | ) | (1,281 | ) | (741 | ) | ||||||
Less: Pre-tax net (income) loss attributable to noncontrolling interest |
| 462 |
| 305 |
| (691 | ) | (1,145 | ) | (3,040 | ) | (5,503 | ) | ||||||
Add: Distributions paid by equity investees |
| — |
| 305 |
| 327 |
| 308 |
| 436 |
| 215 |
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Fixed charges and preferred stock dividends, as calculated below |
| 149 |
| 281 |
| 264 |
| 391 |
| 327 |
| 330 |
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Total earnings |
| $ | 2,735 |
| $ | (1,573 | ) | $ | (2,110 | ) | $ | (8,448 | ) | $ | 3,445 |
| $ | 22,919 |
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Computation of fixed charges and preferred stock dividends: |
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Interest expense |
| $ | — |
| $ | — |
| $ | — |
| $ | 1 |
| $ | 1 |
| $ | — |
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Preferred stock dividends(3) |
| 88 |
| 177 |
| 177 |
| 177 |
| 177 |
| 177 |
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Interest component of rent expense(1) |
| 61 |
| 104 |
| 87 |
| 213 |
| 149 |
| 153 |
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Total combined fixed charges and preferred stock dividends |
| $ | 149 |
| $ | 281 |
| $ | 264 |
| $ | 391 |
| $ | 327 |
| $ | 330 |
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Ratio of earnings to combined fixed charges and preferred stock dividends(2) |
| 18.36 |
| N/A |
| N/A |
| N/A |
| 10.54 |
| 69.45 |
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Deficiency of earnings to combined fixed charges and preferred stock dividends |
| N/A |
| (1,854 | ) | (2,374 | ) | (8,839 | ) | N/A |
| N/A |
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(1) Represents one-third of total rent expense which we believe is a reasonable estimate of the interest component of rent expense.
(2) For periods in which there is a deficiency of earnings available to cover combined fixed charges and preferred stock dividends, the ratio information is not applicable.
(3) Dividends accrue on our outstanding Series A preferred stock at the rate of $0.20 per annum per share of Series A preferred stock. We have not paid any dividends on preferred stock. 883,000 shares of our preferred stock were issued and outstanding for all of the periods presented.