Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
The following table sets forth our ratio of earnings to fixed charges for the periods indicated:
| Year Ended December 31, | ||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | |||||||||||||
Earnings: | ||||||||||||||||
Income (loss) before income taxes | $ | (18,300 | ) | $ | (6,929 | ) | $ | (13,396 | ) | $ | (18,996 | ) | ||||
Fixed charges to add to earnings: | ||||||||||||||||
Interest expense | 1,880 | 1,464 | 793 | 127 | ||||||||||||
Amortization of financing costs | 724 | 440 | 289 | 28 | ||||||||||||
Rent interest factor (1) | 114 | 102 | 78 | 78 | ||||||||||||
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Total fixed charges | 2,718 | 2,006 | 1,160 | 233 | ||||||||||||
Earnings before income taxes and fixed charges | $ | (15,582 | ) | $ | (4,923 | ) | $ | (12,236 | ) | $ | (18,763 | ) | ||||
Ratio of earnings to fixed charges | N/A | N/A | N/A | N/A | ||||||||||||
Ratio of earnings to fixed charges is not applicable as the Company was deficient in earnings by approximately $15,582, $4,923, $12,236, and $18,763 for the years ending December 31, 2015, 2014, 2013, and 2012, respectively.
| (1) | Approximately one-third of rental expense is deemed representative of interest factor. |
