Exhibit 12.1
Statement Regarding Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
| Nine Months Ended March 31 (Unaudited) 2012 | Three Months Transition Period Ended March 31 2013 | Fiscal Year Ended March 31, | Nine Months Ended December 31 (unaudited) 2017 | |||||||||||||||||||||||||
| (in thousands) | 2014 | 2015 | 2016 | 2017 | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Loss before income taxes | ($ | 6,472 | ) | ($ | 16,120 | ) | ($ | 25,848 | ) | ($ | 30,082 | ) | ($ | 38,572 | ) | ($ | 38,424 | ) | ($ | 27,354 | ) | |||||||
Add: Fixed charges | 16 | 71 | 45 | 59 | 62 | 73 | 62 | |||||||||||||||||||||
Total Earnings | ($ | 6,456 | ) | ($ | 16,049 | ) | ($ | 25,803 | ) | ($ | 30,023 | ) | ($ | 38,510 | ) | ($ | 38,351 | ) | ($ | 27,292 | ) | |||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense | 16 | 71 | 45 | 59 | 62 | 73 | 62 | |||||||||||||||||||||
Fixed charges | — | — | — | — | — | — | — | |||||||||||||||||||||
Total Fixed Charges | 16 | 71 | 45 | 59 | 62 | 73 | 62 | |||||||||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends | (403.5 | ) | (226.0 | ) | (576.6 | ) | (510.7 | ) | (625.3 | ) | (523.2 | ) | (440.7 | ) | ||||||||||||||
Note 1: Earnings for the nine months ended December 31, 2017, the years ended March 31, 2017, 2016, 2015 and 2014, the three month transition period ended March 31, 2013 and the nine months ended December 31, 2012 were insufficient to cover fixed charges by $27.3, $38.4, $38.5, $30.0, $25.8, $16.0, and $6.5 million, respectively. The Company has never paid dividends on its preferred stock.
