EXHIBIT 12.1
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, | |||||||||||||||
2017 | 2016 | 2015 | |||||||||||||
(amounts in thousands, except for ratio) | |||||||||||||||
Pre-tax (loss) income from continuing operations | $ | (21,286 | ) | $ | (40,330 | ) | $ | (28,045 | ) | ||||||
(Loss) income from equity investees | (1,601 | ) | (5,992 | ) | (6,956 | ) | |||||||||
Pre-tax (loss) income from ops before adjustment for equity investees | (19,685 | ) | (34,338 | ) | (21,089 | ) | |||||||||
Distributions from equity investees | — | 30 | 209 | ||||||||||||
Pre-tax (loss) income from operations including distributions from equity investees | $ | (19,685 | ) | $ | (34,308 | ) | $ | (20,880 | ) | ||||||
Fixed charges: | |||||||||||||||
Interest (expensed and capitalized) | $ | 36,355 | $ | 19,050 | $ | 19,961 | |||||||||
Amortization of debt issuance costs | 4,202 | 2,576 | 1,469 | ||||||||||||
Amortization of bond discount/premium | 790 | 53 | 41 | ||||||||||||
Rental expense(1) | 1,643 | 1,634 | 1,227 | ||||||||||||
Total fixed charges | $ | 42,990 | $ | 23,313 | $ | 22,698 | |||||||||
Pre-tax income (loss) from continuing operations including distributions from equity investees plus fixed charges, less preferred stock dividend requirements of consolidated subsidiaries | 23,305 | (10,995 | ) | 1,818 | |||||||||||
Less depreciation of capitalized interest | (205 | ) | (205 | ) | (192 | ) | |||||||||
Earnings | $ | 23,100 | $ | (11,200 | ) | $ | 1,626 | ||||||||
Ratio of earnings of fixed charges | 0.54 | (0.48 | ) | 0.07 |
(1) Represents a reasonable approximation of the interest factor of the Company's rental expense to operating leases for the respective periods