Exhibit 12.1
Statement Regarding the Computation of the Ratios of Earnings to Fixed Charges and Earnings to Fixed Charges and Preferred Stock Dividends
(dollars in thousands)
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| Year Ended December 31, |
| Three |
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| 2013 |
| 2014 |
| 2015 |
| 2016 |
| 2017 |
| 2018 |
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Fixed Charges: |
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Interest expense on indebtedness |
| $ | 70 |
| $ | 1,414 |
| $ | 2,297 |
| $ | 2,861 |
| $ | 12,300 |
| $ | 2,127 |
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Non-cash interest expense and other |
| — |
| 94 |
| 166 |
| 198 |
| 6,616 |
| 3,084 |
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Interest expense on portion of rent expense representative of interest |
| 82 |
| 46 |
| 326 |
| 590 |
| 980 |
| 323 |
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Total fixed charges |
| $ | 152 |
| $ | 1,554 |
| $ | 2,789 |
| $ | 3,649 |
| $ | 19,896 |
| $ | 5,534 |
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Preferred stock dividends |
| $ | 3,624 |
| $ | 2,920 |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
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Accretion of preferred stock |
| 197 |
| 168 |
| — |
| — |
| — |
| — |
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| $ | 3,821 |
| $ | 3,088 |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
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Earnings (loss): |
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Net loss |
| $ | (6,019 | ) | $ | (17,037 | ) | $ | (58,020 | ) | $ | (74,216 | ) | $ | (106,782 | ) | $ | (23,862 | ) |
Fixed charges per above |
| 152 |
| 1,554 |
| 2,789 |
| 3,649 |
| 19,896 |
| 5,534 |
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Adjusted earnings (loss) |
| $ | (5,867 | ) | $ | (15,483 | ) | $ | (55,231 | ) | $ | (70,567 | ) | $ | (86,886 | ) | $ | (18,328 | ) |
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Deficiency of earnings available to cover fixed charges |
| $ | (6,019 | ) | $ | (17,037 | ) | $ | (58,020 | ) | $ | (74,216 | ) | $ | (106,782 | ) | $ | (23,862 | ) |
Ratio of earnings (loss) to fixed charges |
| N/A |
| N/A |
| N/A |
| N/A |
| N/A |
| N/A |
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Deficiency of earnings available to cover fixed charges and preferred stock dividends |
| $ | (9,840 | ) | $ | (20,125 | ) | $ | (58,020 | ) | $ | (74,216 | ) | $ | (106,782 | ) | $ | (23,862 | ) |
Ratio of earnings (loss) to fixed charges and preferred stock dividends |
| N/A |
| N/A |
| N/A |
| N/A |
| N/A |
| N/A |
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