Exhibit 12.1
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands “000’s”)
Fiscal Year Ended December 31, 2010 | Fiscal Year Ended December 31, 2011 | Fiscal Year Ended December 31, 2012 | Fiscal Year Ended December 31, 2013 | Fiscal Year Ended December 31, 2014 | Nine Months Ended September 30, 2015 | |||||||||||||||||||
Fixed charges* | $ | 101 | $ | 104 | $ | 92 | $ | 112 | $ | 121 | $ | 81 | ||||||||||||
Earnings: | ||||||||||||||||||||||||
Pre-tax income (loss) from continuing operations | $ | 408 | $ | (14,327 | ) | $ | (17,962 | ) | $ | (47,484 | ) | $ | (30,117 | ) | $ | (36,285 | ) | |||||||
Fixed charges | $ | 101 | $ | 104 | $ | 92 | $ | 112 | $ | 121 | $ | 81 | ||||||||||||
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Total earnings | $ | 509 | $ | (14,223 | ) | $ | (17,870 | ) | $ | (47,372 | ) | $ | (29,996 | ) | $ | (36,204 | ) | |||||||
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Preference dividends** | NA | NA | NA | NA | NA | NA | ||||||||||||||||||
Ratio of earnings to combined fixed charges and preference dividends** | 5:1 | (a) | (b) | (c) | (d) | (e) | ||||||||||||||||||
| * | Represents estimated interest associated with certain facility and equipment at an assumed rate of 33% of total rent expense, which management believes is a reasonable approximation of the interest factor. |
| ** | We had no outstanding shares of preferred stock in any of the periods shown and, accordingly, did not accrue or pay any preference dividends. |
| (a) | Earnings in the fiscal year ended December 31, 2011 were inadequate to cover combined fixed charges and preference dividends. The coverage deficiency was approximately $14.2 million. |
| (b) | Earnings in the fiscal year ended December 31¸ 2012 were inadequate to cover combined fixed charges and preference dividends. The coverage deficiency was approximately $17.9 million. |
| (c) | Earnings in the fiscal year ended December 31, 2013 were inadequate to cover combined fixed charges and preference dividends. The coverage deficiency was approximately $47.2 million. |
| (d) | Earnings in the fiscal year ended December 31,2014 were inadequate to cover combined fixed charges and preference dividends. The coverage deficiency was approximately $30.0 million. |
| (e) | Earnings in the nine months ended September 30,2015 were inadequate to cover combined fixed charges and preference dividends. The coverage deficiency was approximately $36.2 million. |
