Exhibit 12.1
Computation of Ratio of Earnings to Combined | Year Ended December 31, | |||||||||||||||||||||||
Fixed Charges and Preferred Dividends | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||
(In thousands, except for ratio computation) | ||||||||||||||||||||||||
Income (loss) from continuing operations before adjustment for non controlling interest | $ | (7,028 | ) | $ | (2,974 | ) | $ | 7,643 | $ | (6,674 | ) | $ | (4,219 | ) | $ | 7,365 | ||||||||
Add back: | ||||||||||||||||||||||||
Fixed Charges | 31,575 | 19,960 | 11,389 | 8,683 | 4,961 | 1,226 | ||||||||||||||||||
Distributed income of equity investees | 9,252 | 11,405 | 24,617 | 11,550 | 289 | 607 | ||||||||||||||||||
Deduct: | ||||||||||||||||||||||||
Equity in (income) loss of equity investees | (10,336 | ) | (11,632 | ) | (17,893 | ) | (5,133 | ) | (1,501 | ) | (13 | ) | ||||||||||||
Capitalized Interest | - | - | - | (143 | ) | (99 | ) | - | ||||||||||||||||
Earnings as Defined | $ | 23,463 | $ | 16,759 | $ | 25,756 | $ | 8,283 | $ | (569 | ) | $ | 9,185 | |||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expense including amortization of deferred financing fees | $ | 31,520 | $ | 19,915 | $ | 11,366 | $ | 8,538 | $ | 4,854 | $ | 1,217 | ||||||||||||
Capitalized Interest | - | - | - | 143 | 99 | - | ||||||||||||||||||
Interest portion of rent expense | 55 | 45 | 23 | 2 | 8 | 9 | ||||||||||||||||||
Fixed Charges | $ | 31,575 | $ | 19,960 | $ | 11,389 | $ | 8,683 | $ | 4,961 | $ | 1,226 | ||||||||||||
Ratio of Earnings to Fixed Charges | a | a | 2.26 | a | a | 7.49 | ||||||||||||||||||
Preferred Share dividends | 27,023 | 13,763 | 1,153 | - | - | - | ||||||||||||||||||
Combined Fixed Charges and Preferred Dividends | $ | 58,598 | $ | 33,723 | $ | 12,542 | $ | 8,683 | $ | 4,961 | $ | 1,226 | ||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | b | b | 2.05 | b | b | 7.49 |
(a) Due to the loss from continuing operations, the ratio coverage was less than 1:1 for 2017, 2016, 2014 and 2013. We would have needed to generate additional earnings from continuing operations of $8.1 million, $3.2 million, $0.4 million and $5.5 million for 2017, 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 2017, 2016, 2014 and 2013. We would have needed to generate additional earnings from continuing operations of $35.1 million, $17.0 million, $0.4 million and $5.5 million for 2017, 2016, 2014 and 2013 respectively to achieve a coverage ratio of 1:1. |