Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
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| Three Months Ended |
| Year Ended December 31, |
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|
| March 31, 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
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Loss before tax |
| $ | (50,443 | ) | $ | (119,163 | ) | $ | (57,102 | ) | $ | (18,546 | ) | $ | (7,894 | ) |
Add: Fixed charges, as calculated below |
| 435 |
| 1,376 |
| 1,588 |
| 3,937 |
| 3,570 |
| |||||
Total earnings (loss) available for fixed charges |
| $ | (50,008 | ) | $ | (117,787 | ) | $ | (55,514 | ) | $ | (14,609 | ) | $ | (4,324 | ) |
Fixed Charges: |
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|
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|
|
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Interest expense |
| $ | 305 |
| $ | 947 |
| $ | 1,229 |
| $ | 3,552 |
| $ | 3,155 |
|
Estimated interest expense portion of rental expense |
| 130 |
| 429 |
| 359 |
| 385 |
| 415 |
| |||||
Total fixed charges |
| $ | 435 |
| $ | 1,376 |
| $ | 1,588 |
| $ | 3,937 |
| $ | 3,570 |
|
Ratio of earnings to fixed charges (1)(2) |
| –– |
| –– |
| –– |
| –– |
| –– |
| |||||
Deficiency of earnings available to cover fixed charges |
| $ | (50,443) |
| $ | (119,163 | ) | $ | (57,102 | ) | $ | (18,546 | ) | $ | (7,894 | ) |
(1) Our earnings were insufficient to cover fixed charges in each of the periods and accordingly, ratios are not presented.
(2) For purposes of computing the ratios of earnings to fixed charges, earnings consist of pre-tax loss plus fixed charges. Fixed charges consist of an estimate of interest within rental expense.
