Exhibit 12.1
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
The following table sets forth our ratio of earnings to combined fixed charges and preferred stock dividends for each of the periods presented (dollars in thousands).
Two Month Period | ||||||||||||||||||||||||
Nine Months | October 31, 2012 | |||||||||||||||||||||||
Ended | Year Ended December 31, | (date of inception) | ||||||||||||||||||||||
September 30, 2017 | 2016 | 2015 | 2014 | 2013 | to December 31, 2012 | |||||||||||||||||||
Fixed charges(1) | $ | 12,819 | $ | 7,808 | $ | 5,983 | $ | 4,307 | $ | 867 | $ | — | ||||||||||||
Preferred stock dividends(2) | 593 | — | — | — | — | — | ||||||||||||||||||
Combined fixed charges and preferred stock dividends | 13,412 | 7,808 | 5,983 | 4,307 | 867 | — | ||||||||||||||||||
Net income (loss) | 27,781 | 25,243 | 13,355 | 2,375 | 21,202 | (25 | ) | |||||||||||||||||
Earnings | $ | 41,193 | $ | 33,051 | $ | 19,338 | $ | 6,682 | $ | 22,069 | $ | (25 | ) | |||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 3.07 | x | 4.23 | x | 3.23 | x | 1.55 | x | 25.45 | x | N/A |
(1) | Fixed charges consist of interest expense. |
(2) | Prior to the completion of this offering, there have been no shares of preferred stock issued and outstanding. |