Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGESAND OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
The following table set forth our ratio of earnings to fixed charges and preferred stock dividends for each of the periods indicated:
| Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
| (In thousands, except for ratio computation) | ||||||||||||||||||||||||
| (Loss) income from continuing operations before adjustment for non controlling interest | $ | 8,041 | $ | (6,674 | ) | $ | (4,219 | ) | $ | 7,365 | $ | (4,315 | ) | $ | (2,307 | ) | ||||||||
| Add back: | ||||||||||||||||||||||||
| Fixed Charges | 7,997 | 8,683 | 4,961 | 1,226 | 375 | 308 | ||||||||||||||||||
| Distributed income of equity investees | 22,548 | 11,550 | 289 | 607 | 905 | 392 | ||||||||||||||||||
| Deduct: | ||||||||||||||||||||||||
| Equity in (earnings) loss of equity investees | (15,694 | ) | (5,133 | ) | (1,501 | ) | (13 | ) | 74 | 1,147 | ||||||||||||||
| Capitalized Interest | — | (143 | ) | (99 | ) | — | — | — | ||||||||||||||||
| Earnings as Defined | $ | 22,892 | $ | 8,283 | $ | (569 | ) | $ | 9,185 | $ | (2,961 | ) | $ | (460 | ) | |||||||||
| Fixed Charges | ||||||||||||||||||||||||
| Interest expense including amortization of deferred financing fees | $ | 7,985 | $ | 8,538 | $ | 4,854 | $ | 1,217 | $ | 357 | $ | 295 | ||||||||||||
| Capitalized Interest | — | 143 | 99 | — | — | — | ||||||||||||||||||
| Interest portion of rent expense | 12 | 2 | 8 | 9 | 18 | 13 | ||||||||||||||||||
| Fixed Charges | $ | 7,997 | $ | 8,683 | $ | 4,961 | $ | 1,226 | $ | 375 | $ | 308 | ||||||||||||
| Ratio of Earnings to Fixed Charges | 2.86 | (a) | (a) | 7.49 | (a) | (a) | ||||||||||||||||||
| Preferred dividends | — | — | — | — | — | — | ||||||||||||||||||
| Combined Fixed Charges and Preferred Dividends | $ | 7,997 | $ | 8,683 | $ | 4,961 | $ | 1,226 | $ | 375 | $ | 308 | ||||||||||||
| Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | 2.86 | �� | (a) | (a) | 7.49 | (a) | (a) | |||||||||||||||||
| (a) | Due to the loss from continuing operations, the ratio coverage was less than 1:1 for 2014, 2013, 2011 and 2010. We would have needed to generate additional earnings from continuing operations of $0.4 million, $5.5 million, $3.3 million, and $0.8 million for 2014, 2013, 2011 and 2010, respectively, to achieve a coverage ratio of 1:1. |
