Exhibit 12.1
Computation of Ratio of Earnings to Combined Fixed | Year Ended December 31, | |||||||||||||||||||
Charges and Preferred Dividends | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
(In thousands, except for ratio computation) | ||||||||||||||||||||
(Loss) income from continuing operations before adjustment for non controlling interest | $ | (2,974 | ) | $ | 7,643 | $ | (6,674 | ) | $ | (4,219 | ) | $ | 7,365 | |||||||
Add back: | ||||||||||||||||||||
Fixed Charges | 19,960 | 11,389 | 8,683 | 4,961 | 1,226 | |||||||||||||||
Distributed income of equity investees | 11,405 | 24,617 | 11,550 | 289 | 607 | |||||||||||||||
Deduct: | ||||||||||||||||||||
Equity in (income) loss of equity investees | (11,632 | ) | (17,893 | ) | (5,133 | ) | (1,501 | ) | (13 | ) | ||||||||||
Capitalized Interest | - | - | (143 | ) | (99 | ) | - | |||||||||||||
Earnings as Defined | $ | 16,759 | $ | 25,756 | $ | 8,283 | $ | (569 | ) | $ | 9,185 | |||||||||
Fixed Charges | ||||||||||||||||||||
Interest expense including amortization of deferred financing fees | $ | 19,915 | $ | 11,366 | $ | 8,538 | $ | 4,854 | $ | 1,217 | ||||||||||
Capitalized Interest | - | - | 143 | 99 | - | |||||||||||||||
Interest portion of rent expense | 45 | 23 | 2 | 8 | 9 | |||||||||||||||
Fixed Charges | $ | 19,960 | $ | 11,389 | $ | 8,683 | $ | 4,961 | $ | 1,226 | ||||||||||
Ratio of Earnings to Fixed Charges | a | 2.26 | a | a | 7.49 | |||||||||||||||
Preferred Share dividends | 13,763 | 1,153 | - | - | - | |||||||||||||||
Combined Fixed Charges and Preferred Dividends | $ | 33,723 | $ | 12,542 | $ | 8,683 | $ | 4,961 | $ | 1,226 | ||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | b | 2.05 | b | b | 7.49 |
(a) Due to the loss from continuing operations, the ratio coverage was less than 1:1 for 2016, 2014 and 2013. We would have needed to generate additional earnings from continuing operations of $3.2 million, $0.4 million and $5.5 million for 2016, 2014 and 2013 respectively to achieve a coverage ratio of 1:1.
(b) Due to the loss from continuing operations, the ratio coverage was less than 1:1 for 2016, 2014 and 2013. We would have needed to generate additional earnings from continuing operations of $17.0 million, $0.4 million and $5.5 million for 2016, 2014 and 2013 respectively to achieve a coverage ratio of 1:1.