CALCULATION OF CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES AND RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
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| Six months ended |
| Year ended | ||||||||
| June 30, |
| December 31, | ||||||||
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| 2017 |
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| 2016 |
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| 2015 |
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| 2014 |
(Dollars in thousands) |
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Pre-tax loss | $ | (40,082) |
| $ | (208,413) |
| $ | (147,085) |
| $ | (64,385) |
Add: Fixed charges, as calculated below |
| 3,326 |
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| 84,565 |
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| 30,802 |
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| 34,118 |
Total loss available for fixed charges | $ | (36,756) |
| $ | (123,848) |
| $ | (116,283) |
| $ | (30,267) |
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Fixed Charges: |
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Interest Expense | $ | 3,030 |
| $ | 72,634 |
| $ | 27,160 |
| $ | 28,911 |
Amort./loss on extinguishment of Debt |
| - |
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| 11,176 |
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| 2,934 |
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| 4,579 |
Interest on rent expense |
| 296 |
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| 755 |
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| 708 |
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| 628 |
Total of Fixed Charges | $ | 3,326 |
| $ | 84,565 |
| $ | 30,802 |
| $ | 34,118 |
Ratio of earnings to fixed charges (1) |
| N/A |
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| N/A |
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| N/A |
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| N/A |
Deficiency of earnings to fixed charges | $ | (40,082) |
| $ | (208,413) |
| $ | (147,085) |
| $ | (64,385) |
Preferred stock dividend requirements | $ | (938) |
| $ | (21,733) |
| $ | - |
| $ | - |
Ratios of earnings to combined fixed charges and preferred stock dividends (1) |
| N/A |
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| N/A |
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| N/A |
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| N/A |
Deficiency of earnings available to cover fixed charges and preferred stock dividend requirements | $ | (41,020) |
| $ | (230,146) |
| $ | (147,085) |
| $ | (64,385) |
(1) The ratio of earnings to fixed charges is defined as earnings divided by fixed charges. For purposes of this ratio, earnings is defined as net loss plus fixed charges. Fixed charges consist of interest expense including an estimate of interest expense within rental expense that is considered by us to be a reasonable approximation of the interest factor, which is 10.375%. Our earnings were insufficient to cover total fixed charges and total
combined fixed charges and preferred stock dividends in all periods presented, and therefore we are unable to disclose a ratio of earnings to fixed charges and a ratio of earnings to fixed charges and preferred stock dividends for all periods presented.