Exhibit 12.1
STATEMENT REGARDING THE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 AND THE YEARS ENDED DECEMBER 31, 2017, 2016, 2015, 2014 AND 2013
(dollars in thousands)
| For the Nine Months Ended September 30, 2018 | Years Ended December 31, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense on indebtedness | $ | — | $ | — | $ | — | $ | — | $ | 195 | $ | 570 | ||||||||||||
Non-cash interest expense and other | — | — | — | — | 12,219 | 1,155 | ||||||||||||||||||
Estimated interest component of rent expenses | 189 | 265 | 293 | 291 | 290 | 290 | ||||||||||||||||||
Non-cash preferred stock dividends | — | — | — | — | 4,468 | — | ||||||||||||||||||
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Total fixed charges | $ | 189 | $ | 265 | $ | 293 | $ | 291 | $ | 17,172 | $ | 2,015 | ||||||||||||
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Earnings (loss): | ||||||||||||||||||||||||
Net loss | $ | (43,620 | ) | $ | (15,518 | ) | $ | (28,538 | ) | $ | (25,121 | ) | $ | (34,618 | ) | $ | (23,621 | ) | ||||||
Fixed charges per above | 189 | 265 | 293 | 291 | 17,172 | 2,015 | ||||||||||||||||||
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Total earnings (loss) | $ | (43,431 | ) | $ | (15,253 | ) | $ | (28,245 | ) | $ | (24,830 | ) | $ | (17,446 | ) | $ | (21,606 | ) | ||||||
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Ratio of earnings (loss) to fixed charges | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
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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Deficiency of earnings available to cover fixed charges and preferred stock dividends (1) | $ | (43,620 | ) | $ | (15,518 | ) | $ | (28,538 | ) | $ | (25,121 | ) | $ | (34,618 | ) | $ | (23,621 | ) | ||||||
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For purposes of calculating the ratio above, total earnings (loss) consist of income (loss) before income taxes and fixed charges. Fixed charges include interest expense,non-cash interest expense and other, and an estimate of the interest expense within rental expense.
| (1): | Adjusted earnings, as described above, were insufficient to cover fixed charges each year. |
