Exhibit 12.1
STATEMENT REGARDING
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Years Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
(in millions except ratios) | ||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expensed, amortization of debt issuance costs and discount | $ | 21.6 | $ | 16.2 | $ | 16.3 | $ | 16.8 | $ | 21.1 | ||||||||||
Rent expense | 2.5 | 3.0 | 2.7 | 3.1 | 2.9 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total fixed charges | 24.1 | 19.2 | 19.0 | 19.9 | 24.0 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 86.1 | (25.9 | ) | (100.0 | ) | (115.7 | ) | (60.2 | ) | |||||||||||
Add: | ||||||||||||||||||||
Fixed charges | 24.1 | 19.2 | 19.0 | 19.9 | 24.0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total earnings plus fixed charges | $ | 110.2 | $ | (6.7 | ) | $ | (81.0 | ) | $ | (95.8 | ) | $ | (36.2 | ) | ||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of earnings to fixed charges | 4.6x | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
The term “fixed charge” means the sum of the following: interest expensed, and amortized discounts and capitalized expenses related to indebtedness; and an estimate of interest within rental expense (equal toone-third of rental expense). Management believes this is a reasonable approximation of the interest factor.
Where a dash appears, our earnings were negative and were insufficient to cover fixed charges during the period. Our deficiencies to cover fixed charges in each period presented were as follows:
Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||||||
(In millions) | ||||||||||||||||
Deficiencies | $ | 25.9 | $ | 100.0 | $ | 115.7 | $ | 60.2 |