Exhibit 12.1
The following table sets forth the calculation of the ratio of our earnings to fixed charges for each of the periods included.
Quarter Ended March 31, 2016 |
Fiscal Year Ended December 31, | |||||||||||||||||||||||
(in thousands) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expensed and capitalized | $ | 7,255 | $ | 24,784 | $ | 24,555 | $ | 17,425 | $ | 13,405 | $ | 13,235 | ||||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 976 | 2,768 | 2,534 | 1,361 | 754 | 1,098 | ||||||||||||||||||
Portion of rental expense which represents interest factor(1) | 2,324 | 2,637 | 1,407 | 1,080 | 924 | 1,066 | ||||||||||||||||||
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Total Fixed charges | 10,555 | 30,189 | 28,496 | 19,866 | 15,083 | 15,399 | ||||||||||||||||||
Earnings available for fixed charges: | ||||||||||||||||||||||||
Pre-tax (loss) income | (10,696) | (14,520) | 28,455 | 27,928 | (17,539) | (35,445) | ||||||||||||||||||
Distributed equity income of affiliated companies | – | – | – | – | – | – | ||||||||||||||||||
Fixed charges | 10,555 | 30,189 | 28,496 | 19,866 | 15,083 | 15,399 | ||||||||||||||||||
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Total Earnings available for fixed charges | $ | (141) | $ | 15,669 | $ | 56,951 | $ | 47,794 | $ | (2,456) | $ | (20,046) | ||||||||||||
Ratio of earnings to fixed charges | * | ** | 2.00 | 2.41 | *** | **** |
(1) | Portion of rental expense which represents interest factor equals an estimated 1⁄3 of the total rental expenses incurred. |
* | The ratio coverage for the quarter ended March 31, 2016 was less than 1:1. The Company would have needed to generate additional earnings of $10,696 to achieve a ratio coverage of 1:1 in the quarter ended March 31, 2016. |
** | The ratio coverage for the year ended December 31, 2015 was less than 1:1. The Company would have needed to generate additional earnings of $14,520 to achieve a ratio coverage of 1:1 for the year ended December 31, 2015. |
*** | The ratio coverage for the year ended December 31, 2012 was less than 1:1. The Company would have needed to generate additional earnings of $17,539 to achieve a ratio coverage of 1:1 for the year ended December 31, 2012. |
**** | The ratio coverage for the year ended December 31, 2011 was less than 1:1. The Company would have needed to generate additional earnings of $35,445 to achieve a ratio coverage of 1:1 for the year ended December 31, 2011. |