Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and Preference Security Dividends
| Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||
| 2017 | 2016 | 2015 | 2014(1) | 2013(2) | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income (loss) before income taxes | $ | 25,546 | $ | 20,837 | $ | 11,659 | $ | (5,723 | ) | $ | (4,372 | ) | ||||||||
Add: Total fixed charges and preference security dividends | 8,903 | 29,691 | 31,647 | 21,578 | 12,788 | |||||||||||||||
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Total earnings | $ | 34,449 | $ | 50,528 | $ | 43,306 | $ | 15,855 | $ | 8,416 | ||||||||||
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Fixed Charges and Preference Security Dividends: | ||||||||||||||||||||
Interest expense | $ | 5,961 | $ | 17,614 | $ | 14,565 | $ | 7,236 | $ | 3,474 | ||||||||||
Estimated interest component within rental expense | 2,942 | 3,841 | 2,781 | 2,350 | 1,299 | |||||||||||||||
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Total fixed charges before preference security dividends | 8,903 | 21,455 | 17,346 | 9,586 | 4,773 | |||||||||||||||
Preference security dividends | — | 8,236 | 14,301 | 11,992 | 8,015 | |||||||||||||||
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Total fixed charges and preference security dividends | $ | 8,903 | $ | 29,691 | $ | 31,647 | $ | 21,578 | $ | 12,788 | ||||||||||
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Ratio of earnings to fixed charges and preference security dividends | 3.9X | 1.7X | 1.4X | 0.7X | 0.7X | |||||||||||||||
| (1) | Earnings were not adequate to cover fixed charges and preference security dividends by $5.7 million for the year ended December 31, 2014. |
| (2) | Earnings were not adequate to cover fixed charges and preference security dividends by $4.4 million for the year ended December 31, 2013. |
