Exhibit 12.01
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
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| Six Months |
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| Ended |
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| June 30, |
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| Year Ended December 31, |
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| 2016 |
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| 2015 |
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| 2014 |
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| 2013 |
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| 2012 |
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| 2011 |
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Pre-tax (loss) income from continuing operations adjusted to exclude income or loss from equity investees |
| $ | (29,154 | ) |
| $ | (32,403 | ) |
| $ | 55,189 |
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| $ | 14,253 |
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| $ | 30,788 |
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| $ | 16,753 |
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Distributed income of equity investees |
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| 19 |
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| 1,628 |
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| 413 |
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| 90 |
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| 384 |
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| 266 |
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Fixed charges: |
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Interest expense and amortization of debt discount and premium on all indebtedness |
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| 13,396 |
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| 18,889 |
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| 11,391 |
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| 8,529 |
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| 4,965 |
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| 2,508 |
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Rentals |
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| 44 |
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| 92 |
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| 83 |
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| 81 |
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| 88 |
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| 58 |
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Total fixed charges |
| $ | 13,440 |
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| $ | 18,981 |
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| $ | 11,474 |
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| $ | 8,610 |
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| $ | 5,053 |
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| $ | 2,566 |
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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 |
| $ | (15,695 | ) |
| $ | (11,794 | ) |
| $ | 67,076 |
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| $ | 22,953 |
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| $ | 36,225 |
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| $ | 19,585 |
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Ratio of earnings to fixed charges |
| (A) |
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| (A) |
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| 5.8 |
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| 2.7 |
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| 7.2 |
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| 7.6 |
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(A) | Due to the Company’s loss for the six months ended June 30, 2016 and the year ended December 31, 2015, the ratio coverage in those periods was less than 1:1. The Company would have had to generate additional earnings of $29,135 and $30,775 for the six months ended June 30, 2016 and the year ended December 31, 2015, respectively, to achieve coverage of 1:1 in those periods. |