Exhibit 12.1
Ratio of Earnings to Fixed Charges
(Dollars in thousands)
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| Nine Months |
| Year Ended June 30, |
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| March 31, 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
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Earnings (1) |
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Income (loss) before income taxes |
| $ | (67,826 | ) | $ | 9,369 |
| $ | (85,257 | ) | $ | (61,942 | ) | $ | (23,581 | ) | $ | (56,324 | ) |
Fixed charges |
| 8,814 |
| 11,910 |
| 11,443 |
| 12,953 |
| 13,346 |
| 17,257 |
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| $ | (59,012 | ) | $ | 21,279 |
| $ | (73,814 | ) | $ | (48,989 | ) | $ | (10,235 | ) | $ | (39,067 | ) |
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Fixed Charges (2) |
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Interest portion of rental expense (3) |
| $ | 889 |
| $ | 1,663 |
| $ | 1,727 |
| $ | 1,695 |
| $ | 1,722 |
| $ | 1,750 |
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Interest expense |
| 7,925 |
| 10,247 |
| 9,716 |
| 11,258 |
| 11,624 |
| 15,507 |
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| $ | 8,814 |
| $ | 11,910 |
| $ | 11,443 |
| $ | 12,953 |
| $ | 13,346 |
| $ | 17,257 |
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Ratio |
| NM | (4) | 1.79 |
| NM | (4) | NM | (4) | NM | (4) | NM | (4) | ||||||
(1) Earnings
Earnings are defined as pre-tax income (loss) plus fixed charges.
(2) Fixed Charges
Fixed charges only includes interest expense. There were no preferred stock dividends during any of the periods presented above, and therefore the ratios of earnings to fixed charges and preferred stock dividends are the same as the ratios of earnings to fixed charges presented above.
(3) Computation of interest component of rent expense
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| Nine Months |
| Year Ended June 30, |
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| March 31, 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
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Operating rental expense |
| $ | 2,694 |
| $ | 5,040 |
| $ | 5,233 |
| $ | 5,136 |
| $ | 5,217 |
| $ | 5,304 |
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Interest factor * |
| 33 | % | 33 | % | 33 | % | 33 | % | 33 | % | 33 | % | ||||||
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| $ | 889 |
| $ | 1,663 |
| $ | 1,727 |
| $ | 1,695 |
| $ | 1,722 |
| $ | 1,750 |
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* Calculated as 33% of rent expense, which management believes is a reasonable approximation of the interest factor.
(4) Not Meaningful
The ratio of earnings to fixed charges was negative for the period. Additional earnings of $67.8 million for the nine months ended March 31, 2016, $85.3 million for the year ended June 30, 2014, $61.9 million for the year ended June 30, 2013, and $23.6 million for the year ended June 30, 2012 would be needed to have a one-to-one ratio of earnings to fixed charges.
