Exhibit 12.1
Calculation of Ratio of Earnings to Fixed Charges
| ($ in '000s, except for ratios) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
| Pre-tax (loss) income from continuing ops | (40,330 | ) | (28,045 | ) | 3,792 | 25,279 | 2,194 | |||||||||||||
| (Loss) Income from equity investees | (5,992 | ) | (6,956 | ) | 6,093 | 10,325 | 3,162 | |||||||||||||
| Pre-tax (loss) income from ops before adj for equity investees | (34,338 | ) | (21,089 | ) | (2,301 | ) | 14,954 | (968 | ) | |||||||||||
| Distributions from equity investees | 30 | 209 | 8,207 | 8,713 | 1,942 | |||||||||||||||
| Pre-tax (loss) income from ops incl distributions from equity investees | (34,308 | ) | (20,880 | ) | 5,906 | 23,667 | 974 | |||||||||||||
| Fixed Charges | ||||||||||||||||||||
| Interest (expensed and capitalized) | 19,050 | 19,961 | 8,873 | 2,690 | 28 | |||||||||||||||
| Amortization of debt issuance cost | 2,576 | 1,469 | 576 | 126 | 2 | |||||||||||||||
| Amortization of bond discount | 53 | 41 | 32 | — | — | |||||||||||||||
| Rental expense(1) | 1,634 | 1,227 | 513 | — | — | |||||||||||||||
| Preferred stock dividend | — | — | — | — | — | |||||||||||||||
| Total Fixed Charges | 23,313 | 22,698 | 9,994 | 2,816 | 30 | |||||||||||||||
| Pre-tax income (loss) from continuing ops incl distributions from equity investees plus fixed charges, less prefrerred stock dividend requirements of consolidated subsidiaires | (10,995 | ) | 1,818 | 15,900 | 26,483 | 1,004 | ||||||||||||||
| Less depreciation of capitalized interest | (205 | ) | (192 | ) | — | — | — | |||||||||||||
| Earnings | (11,200 | ) | 1,626 | 15,900 | 26,483 | 1,004 | ||||||||||||||
| Ratio of earnings to fixed charges | (0.48 | ) | 0.07 | 1.59 | 9.40 | 33.47 | ||||||||||||||
| (1) | Represents a reasonable approximation of the interest factor of the Company’s rental expense related to operating leases for the respective periods. |
