Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
Six Months Ended June 30, 2015 | Year Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Pre-tax (loss) income from continuing operations adjusted to exclude income or loss from equity investees | $ | (17,467 | ) | $ | 55,189 | $ | 14,253 | $ | 30,788 | $ | 16,753 | $ | 27,087 | |||||||||||
Distributed income of equity investees | 339 | 413 | 90 | 384 | 266 | 222 | ||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense and amortization of debt discount and premium on all indebtedness | 8,303 | 11,391 | 8,529 | 4,965 | 2,508 | 1,155 | ||||||||||||||||||
Rentals | 47 | 83 | 81 | 88 | 58 | 54 | ||||||||||||||||||
Total fixed charges | $ | 8,350 | $ | 11,474 | $ | 8,610 | $ | 5,053 | $ | 2,566 | $ | 1,209 | ||||||||||||
Pre-tax (loss) income from continuing operations adjusted to exclude income or loss from equity investees plus fixed charges and distributed income of equity investees | $ | (8,778 | ) | $ | 67,076 | $ | 22,953 | $ | 36,225 | $ | 19,585 | $ | 28,518 | |||||||||||
Ratio of earnings to fixed charges | (A) | 5.8 | 2.7 | 7.2 | 7.6 | 23.6 |
(A) | Due to the Company’s loss for the six months ended June 30, 2015, the ratio coverage in that period was less than 1:1. The Company would have had to generate additional earnings of $17,128 to achieve coverage of 1:1 in that period. |