Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Fiscal Year Ended December 31, | ||||||||||||||||||||||||
2008 | 2009 | 2010 | 2011 | 2012 | 2013 | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Ratio of earnings to fixed charges | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Earnings available for fixed charges | $ | (38 | ) | $ | (1,596 | ) | $ | 20,184 | $ | 27,473 | $ | 5,965 | $ | (7,662 | ) | |||||||||
Add: | ||||||||||||||||||||||||
Fixed charges | 231 | 64 | 74 | - | 1 | 1 | ||||||||||||||||||
Total income/(loss) for computation of ratio | $ | 193 | $ | (1,532 | ) | $ | 20,258 | $ | 27,473 | $ | 5,966 | $ | (7,661 | ) | ||||||||||
Fixed charges: | ||||||||||||||||||||||||
Total interest expense | $ | 193 | $ | 47 | $ | 57 | $ | 0 | $ | 1 | $ | 1 | ||||||||||||
Interest factor in rents a | 38 | 17 | 17 | - | - | - | ||||||||||||||||||
Total fixed charges | $ | 231 | $ | 64 | $ | 74 | $ | 0 | $ | 1 | $ | 1 | ||||||||||||
Ratio of earnings to fixed charges b | 0.84 | (23.94 | ) | 273.76 | NM | 5,966 | (7,661 | ) |
(a) Interest component of rental expense is estimated based on interest on tenant improvement loan at 4%, which is considered a reasonable approximation of the interest factor.
(b) In 2009, earnings were weak from the global financial crisis. In 2011, there was no fixed charge .
NM = ratio not meaningful